0848 GMT - Taiwan's benchmark stock index suffered its biggest one-day percentage loss in five months as the market returned from the Lunar New Year holidays. The Taiex fell 3.5% to 22694.71, with chip stocks leading declines. TSMC dropped 5.7% and Foxconn Technology Group slid 8.1% as investors reacted to the news of Chinese AI startup DeepSeek's AI breakthrough. DeepSeek's low-cost yet powerful AI model raised concerns that demand for computing power will decline and hurt AI chip sales further, Daiwa analyst Rick Hsu says. U.S. President Trump's latest tariff announcements and threats of an up to 100% tariff on foreign-made chips have stoked fears about duties targeting Taiwan, Morningstar analyst Phelix Lee adds. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
February 03, 2025 03:48 ET (08:48 GMT)
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