Shares in companies linked to AI have plunged further after disappointing results from the South Korean chipmaker SK Hynix, which sent the country’s stock market tumbling for a second day in a row.

Seoul’s Kospi index, which is dominated by semiconductor manufacturers, slid by as much as 12.6% at one point on Wednesday, following on from a near 11% slump the previous day, reaching its lowest level since early April.