Turbulence in Asian tech stocks spread to Wall Street, with investors worried about rate hikes, massive spending, and overvaluation.
Sandisk and Micron, memory-makers which had seen huge gains in recent months, both tumbled around 13% as part of a broader Nasdaq fall of 2.2%. Surges are often followed by rapid reversals, The Wall Street Journal reported, noting that the memory firms’ shares are still up 727% and 269%, respectively, this year.
Investors are jittery, leaving markets unstable: South Korea’s KOSPI index in particular went on a rollercoaster ride, falling 10% on Tuesday before clawing a good chunk back. The index’s volatility is at a record high, the Financial Times reported.
