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Tech stocks fall on rate hike fears
Shares of global semiconductor manufacturing companies, especially Korean and European ones, declined amid concerns over U.S. interest rate hikes and rising investment expenses in artificial intelligence. The biggest declines included SK Hynix, which fell by over 10%, and Samsung Electronics, down by 8.73%. The reasons for the drop include rising borrowing costs affecting capital expenditure, along with fears of a global chip surplus potentially beginning in 2029 due to increased production to meet growing demand in artificial intelligence.
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