Chipmaker Rout Engulfs TSMC, Samsung With $240 Billion Wiped Out

(Bloomberg) — Chip-related stocks in Japan, South Korea and Taiwan slumped as a move by the Biden administration to curb China’s access to U.S. semiconductor technology sparked a selloff that has wiped out more than $240 billion from the sector’s market value globally.

Taiwan Semiconductor Manufacturing Co. plunged more than 7%, the most since May 2021, while Samsung Electronics Co. dropped the most in a year. Tokyo Electron Ltd. lost as much as 5.8%. Markets in South Korea, Japan and Taiwan were shut Monday for holidays, when the Philadelphia Stock Exchange Semiconductor Index sank to its lowest close since late 2020 following a two-day rout of over 9%.