Asian Chip Stocks Tumble as Investors Question AI Rally's Lofty Valuations

Semiconductor shares fell sharply across Asia on July 15, dragging regional equities lower, as investors grew more skeptical that the artificial-intelligence-fueled rally can sustain increasingly stretched valuations. South Korea's Kospi index slid as much as 7.6%, led by declines in SK Hynix Inc. and Samsung Electronics Co., while Japan's Nikkei 225 dropped 3% and the broader MSCI Asia Pacific Index closed 1.4% lower, snapping a two-day advance.