Today's stock market

Tech rot continues to pressure Wall Street

The global tech rot in the wake of Apple's price increases and reports that OpenAI is postponing its IPO continues to pressure US stock markets. At the opening, the tech-heavy Nasdaq fell around 1 percent, while the broad S&P500 index fell 0.7 percent and the Dow Jones industrial average fell 0.5 percent.

AI rocket Micron Technology is down 5 percent, after surging nearly 16 percent on its quarterly report on Thursday.

Other chipmakers such as Marvell and Western Digital are following suit and are also down several percent.

Sector colleague ON Semiconductor is down almost 20 percent after last night's announcement that it is buying Synaptics for $7 billion, equivalent to 68 billion kronor, in the company's most expensive deal ever.

On Thursday, the Nasdaq closed down 0.5 percent, falling for the fourth day in a row. 

Technology fever is back – “double storm” in Asia

Stock markets in Asia fell broadly during the morning after Thursday's technology fever on Wall Street. The Kospi index in Seoul plunged by around 8 percent at most before closing nearly 6 percent lower. Japan's Nikkei 225 index also fell heavily, falling just over 4 percent.

In Shanghai and Hong Kong, the leading indices lost around 2 percent.

– Asia's technology stocks are being hit by two storms at the same time, says IG analyst Fabien Yip to Bloomberg.

He is referring partly to technology giant Apple's plunge on Thursday in the wake of the shortage of memory chips forcing them to raise the prices of their products. Partly due to information that OpenAI may postpone its IPO until next year, which caused co-owner Softbank's stock to plummet by double digits.