Asian markets fall and Samsung shares tumble after its Chinese rival CXMT claims strong progress

Shares in semiconductor companies fell on Tuesday after the boss of Broadcom compared many AI investors to “casino” gamblers, and the Chinese memory chip maker CXMT said it had made good progress on a new chip architecture.

South Korea’s benchmark Kospi index tumbled 6.25% as investors dumped chip stocks, while other Asian markets were also lower. Japan’s Nikkei fell 1.8% and the Taiwan exchange lost almost 2%, with the country’s chip maker TSMC down by a similar amount.