Tech Rout Deepens in Asia as Morgan Stanley Says Take Profits
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Asian technology stocks were on track for their worst selloff since the early days of the pandemic after Morgan Stanley strategists recommended investors book profits from the artificial intelligence boom.
The renewed slump followed concerns that set in last week over the sustainability of the red-hot AI trade as well as a possible tightening of US restrictions on sales of tech to China. The Bloomberg Asia Pacific Semiconductors Index fell as much as 3% Monday, poised for its worst four-day loss since March 2020.