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Kospi and Taiwan Fall 3.6% as Chip Stocks Slide Again

Asia's Chip Markets — Kospi and Taiwan fall 3.6%, Bitcoin slips under 77,000, Nasdaq futures dip

Korea and Taiwan sold chip stocks again: SK Hynix fell 5.0%, Samsung 4.1% and MediaTek 7.4%, while India's Nifty 50 rose 1.0% and Japan was closed. US futures are only slightly lower at 07:09 UTC. On Monday the S&P 500 slipped 0.5% while the average stock rose 0.8%, as money moved out of tech and energy into consumer, financial and industrial stocks after a strong factory survey. Apple and Palantir both beat forecasts and both fell about 3% after hours. Today brings US job openings at 15:00 UTC, AMD after the close and the US midterm elections.

In this edition

AMD ASX EWY EWT INDA GLD TLT USO

The Morning 10 Tue, Nov 3, 2026 ~90 seconds 08:00 CET

The ten points

Asia sold chip stocks again this morning. Korea's Kospi fell 3.59% to 5,648.79 and Taiwan's index 3.59% to 43,307.54, with SK Hynix down 5.0%, Samsung Electronics 4.1% and MediaTek 7.4%. India's Nifty 50 went the other way, up 0.99%, Hong Kong edged up 0.19% and Japan was closed for a holiday. Australia's central bank raised rates by a quarter point to 4.85%, its highest since 2008.

In the US, futures barely moved: Nasdaq-100 futures are down 0.24% and S&P 500 futures 0.33% at 07:09 UTC. On Monday the S&P 500 fell 0.51% and the Nasdaq-100 1.39%, but the average stock rose, with the equal-weight S&P 500 fund up 0.76%. Money moved out of technology (−2.95%) and energy (−3.96%) and into consumer, financial, staples and industrial stocks, helped by a strong factory survey: the ISM index rose to 55.5, above the 54.6 expected. Lumentum fell 18.6% and Marvell 12.7% after Marvell agreed to buy Lumentum in a $115 billion all-stock deal, and Oracle lost 8.9% after announcing $20 billion of new shares and bonds.

Apple and Palantir both beat forecasts after the close and both fell about 3% after hours, Apple to 329.09 and Palantir to 172.99. Bitcoin slipped under 77,000 to about 76,516, and gold is back at 3,921 after Monday's bounce. Oil fell 7.1% on Monday on hopes for diplomacy over Iran, and long-dated Treasury yields fell for a third day, the 10-year to 4.89%. Today brings US job openings at 15:00 UTC, AMD after the close and the US midterm elections.

  1. Asia — Kospi and Taiwan −3.6% as chip stocks sell off again; India up, Japan closed
  2. Asia's AI Names — SK Hynix −5.0%, Samsung −4.1%, MediaTek −7.4%, TSMC −1.5%
  3. US Futures — Nasdaq-100 −0.2%, S&P 500 −0.3% at 07:09 UTC
  4. Bitcoin and Gold — Bitcoin slips under 77,000; gold back to 3,921
  5. Oil, Dollar and Bonds — oil −7.1% on Iran hopes; TLT holds above 81.50
  6. Monday in Brief — S&P 500 −0.5%, the average stock +0.8%; tech −3.0%, consumer +2.4%
  7. AI Indices — Ecosystem −5.0%, Rubin −1.5%, HALO +1.3%
  8. Earnings Grades — Amazon, Twilio and Intel graded tonight; Apple and Palantir near their sold lines
  9. Today — US job openings at 15:00 UTC, AMD after the close, election results overnight
  10. Dan Niles · Niles Investment Management

  1. Asia — Kospi and Taiwan −3.6% as chip stocks sell off again; India up, Japan closed

    Structure
    What
    Korea and Taiwan, the two markets with the most AI hardware in them, fell hardest this morning. The Kospi lost 3.59% to 5,648.79, after falling as much as 4.1% during the session, and Taiwan's index fell 3.59% to 43,307.54. Shanghai slipped 0.82% to 3,608.10 and Shenzhen 1.21% to 10,876.99. India's Nifty 50 rose 0.99% to 23,672.55 in morning trade, Hong Kong's Hang Seng was up 0.19% at 23,437.42 in the afternoon and Australia's ASX 200 rose 0.34% to 8,886.80. Japan was closed for the Culture Day holiday. The Reserve Bank of Australia raised its cash rate by a quarter point to 4.85%, the highest since 2008; six board members voted for the hike and three for no change. In New York on Monday the Korea fund EWY had slipped only 0.83% and the Taiwan fund EWT 0.45%, while the India fund INDA rose 1.53%.
    If
    Taiwan's index holds above 43,000 and the Kospi above 5,600 into Wednesday, after AMD reports tonight.
    Why
    On Monday morning Asia had bought back part of Friday's chip sell-off. This morning it sold again, and more than the US funds that track Korea and Taiwan had signalled overnight. The split ran along AI exposure: the chip-heavy markets fell over 3.5%, while India, which has little chip exposure, rose for a fourth day.
    Then
    Taiwan is now down more than 13% from its early-October record, which puts it in what traders call a correction. A second down day after this one would make Monday's rebound look like a pause rather than a turn.

  2. Asia's AI Names — SK Hynix −5.0%, Samsung −4.1%, MediaTek −7.4%, TSMC −1.5%

    Structure
    What
    In Korea, SK Hynix fell 5.0% to 1,398,000 won and Samsung Electronics 4.1% to 219,500 won, giving back more than Monday's gains of 3.8% and 1.8%. In Taiwan, MediaTek lost 7.4% to 3,675 Taiwan dollars, Foxconn (Hon Hai) 2.2% to 245.50 and TSMC 1.5% to 2,295. In Hong Kong, Tencent rose 0.8% to 395.20 Hong Kong dollars and Xiaomi 1.1%, while Alibaba slipped 0.3%.
    If
    SK Hynix closes back above 1,400,000 won on Wednesday, after AMD's report.
    Why
    The memory makers fell the most, and memory was also the word behind Apple's slide after hours on Monday: news reports linked it to worries about memory costs. When the buyer of memory chips and the makers of them both fall on the same night, the market is pricing the cost of the AI build-out, not just its pace.
    Then
    TSMC fell the least of the big names, as it did on Monday. If it keeps holding up while the memory names swing, the selling is about memory prices and margins rather than about demand for AI chips as a whole.
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  4. US Futures — Nasdaq-100 −0.2%, S&P 500 −0.3% at 07:09 UTC

    Context
    What
    Nasdaq-100 futures traded at 28,059.75, down 0.24% from Monday's 28,127.50, and S&P 500 futures at 7,549.50, down 0.33% from 7,574.50. Small-cap futures fell 0.35% to 2,808.00 and Dow futures 0.60% to 51,821. After hours on Monday, Apple traded at 329.09 against a 338.32 close, Palantir at 172.99 against 178.34, and AMD at 472.00 against 466.84.
    If
    Futures stay within half a percent of Monday's close into the 14:30 UTC open.
    Why
    Small moves in futures after a 3.6% fall in Korea and Taiwan mean the US market is not taking its cue from Asia this morning. The two big after-hours reactions, Apple and Palantir, were both down about 3%, which is about the size of the Nasdaq-100's own drift.
    Then
    Today is also US election day. Exchanges are open as normal; results come in after the close, and close races can take days to call.

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C · point 11 · members

Today in line 11: where the money went on Monday, when the index fell and the average stock rose. Why memory costs link Asia's morning to Apple's evening, and the three tests this week, from AMD tonight to the earnings grades and the election.

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