Global chip selloff erases $500 billion in value as fears mount

The global selloff in semiconductor stocks accelerated on concern over lofty valuations for some of the artificial intelligence boom’s biggest winners.

South Korea’s equity benchmark Kospi plunged as much as 6.2% on Wednesday, with memory makers Samsung Electronics Co. and SK Hynix Inc. among the biggest drags. In Japan, equipment firm Advantest Corp. dropped 10%, weighing on the Nikkei 225. Asia’s largest stock Taiwan Semiconductor Manufacturing Co. fell 3.3%. All are suppliers to Nvidia Corp.