Samsung shares sank as much as 10% at one point before ending down more than 6%, dragging the Kospi index down nearly 5% and deepening a rout that has hammered the market for the past two weeks.
The South Korean chip titan said on Tuesday it expected to post a 1,800% jump in second-quarter operating profit, thanks to sustained AI-driven demand for memory chips.
Despite the staggering rise in turnover, investors fear the long tech bubble may be set to pop, that the vast sums pumped into artificial intelligence can’t generate proper returns, and the record-breaking AI rally may have finally reached the end of the road.
The death toll from devastating storms in parts of China rose to 15 on Tuesday, with hundreds more injured and tens of thousands evacuated, state media reported, as President Xi Jinping urged “all out” rescue efforts.
Dramatic video shared by state broadcaster CCTV showed a torrent of muddy water rushing past the crumbled concrete walls of a reservoir dam that had burst in the southern region of Guangxi.
In Guangxi, heavy rains and severe flooding from Typhoon Maysak killed at least four people, and at least 50,000 people were evacuated, but eight were still missing.
Thunderstorms and gale-force winds killed at least 11 people and injured 331 in the central province of Hubei, and tornadoes were reported elsewhere late on Monday, state news agency Xinhua said.
Videos of villagers frantically trying to catch snakes swimming in a flooded Guangxi town went viral on social media, with a related hashtag racking up over 180 million views.
Around 800 to 900 snakes escaped on Monday morning after a breeding farm was washed away, Wu Zhi, the head of a local village committee, told state-owned media Red Star News.
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A landslide in China’s northwestern Gansu province killed five people on Tuesday, with rescuers working to locate 12 others still missing, Xinhua said, without specifying what caused it.
At least 33 people were initially reported missing after the landslide in a village near Gansu’s Longnan city, it added.
It is clear that the combination of extreme weather events and market volatility will have significant implications for the region’s economies and communities.
Officials and residents are working to respond to the immediate needs of those affected, while also looking for ways to mitigate the effects of future disasters.
Adding to the mix is the return this year of El Nino, a natural climate phenomenon that warms Pacific surface temperatures and typically occurs every two to seven years.
The Kospi index has shed around 20% since its record high in June, and the Nikkei 225 has also experienced losses.
The Hang Seng Index and Shanghai Composite have also been affected, with losses of 0.5% and 1.3%, respectively, which shows the need for trusted data in private markets.
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