Asia's Chip Stock Crash Spills Over into Wall Street, Dragging Bitcoin Down

A sharp sell-off in Asia's stock markets has spilled over into Wall Street, sending shockwaves through the global economy and affecting Bitcoin.

The tech-heavy Nasdaq Composite Index was down by just over 1% at the time of writing, with semiconductor manufacturer Micron Technologies plummeting by more than 10% at the open.

This sell-off has been fueled by concerns over the sustainability of hyperscaler capital expenditure trajectories and the increasing competitiveness of Chinese startups in the AI sector.

The KOSPI Index in South Korea closed down 10.8%, with chip-maker SK Hynix and memory manufacturer Kioxia Holdings suffering significant losses.