Indian AI focused stocks fall after global semiconductor selloff
Indian companies focused on artificial intelligence (AI), like E2E Networks and Black Box, saw their shares fall by 4% and 4.4%, respectively, on Friday, July 17, after a worldwide selloff in semiconductor stocks. Netweb Technologies slipped 1%.
Even industrial equipment firms tied to AI infrastructure (GE Vernova T&D India, Hitachi Energy India, and CG Power) weren't spared, losing between 2% and 5%.
Semiconductor selloff dents futures and stocks
Semiconductor markets everywhere are feeling the heat. Nasdaq futures dropped 2%, S&P 500 futures fell 1%, and a major semiconductor exchange-traded fund (ETF) tumbled more than 4%.
Asian markets got hit hard too, with Taiwan stocks sliding into correction territory.
European chip-linked companies like ASM International NV and Aixtron SE also lost more than 4%.