Semiconductors: AI concerns weigh on global markets
European semiconductor stocks experienced sharp declines on Thursday, October 15, 2026, following a global correction in technology stocks. Accelerating American inflation has reignited concerns about interest rates, while investors question the financing of artificial intelligence infrastructure and the rise of Chinese competition in memory chips. This correction comes despite solid results published by ASML the previous day.
American inflation intensifies pressure on technology stocks
Europe's semiconductor sector is experiencing another difficult session on Thursday, October 15. In early trading, ASML, ASM International, and Infineon are among the hardest-hit stocks, extending the decline in technology stocks observed the previous day in the United States and then in Asia.
The movement affects component manufacturers as well as suppliers of machines used in their production.
The publication of American consumer prices on Wednesday, October 14, intensified concerns. According to the Bureau of Labor Statistics, inflation reached 3.7% year-over-year in September, up from 3.4% in August. Prices advanced 0.6% on a monthly basis, in seasonally adjusted data, compared with 0.4% in August.
Energy played a decisive role: its index rose 5.2% in September, while gasoline prices surged 9.1%.
These statistics strengthened anticipations of further monetary tightening by the Federal Reserve. A prospect unfavorable to technology valuations, which are particularly sensitive to the cost of capital and assumptions about future earnings. A rise in rates can also make financing industrial and digital investments more expensive. This remains, at this stage, market anticipation rather than a new decision announced by the American central bank.
Financing of artificial intelligence infrastructure under scrutiny
Inflation alone does not explain the selling observed in markets. For several sessions, investors have also been reexamining the conditions under which technology companies finance their artificial intelligence-related spending. The construction of data centers, the purchase of specialized processors, and the increase in computing capacity mobilize considerable capital, with economic returns whose timeline remains uncertain.
These investments constitute an essential outlet for many semiconductor suppliers. They fuel demand for advanced chips, memory, and equipment necessary for their manufacturing. Their continuation nonetheless depends on customers' ability to finance their projects and generate sufficient revenue to make them profitable.
Tensions are also manifesting in the credit market. Reuters notably reported a deterioration in the perception of certain companies heavily engaged in developing AI infrastructure, whose financing needs and debt are attracting increased attention from bondholders.
This heightened caution does not demonstrate an immediate reversal of semiconductor orders. Rather, it reflects a reassessment of the financial risk associated with continuing large-scale investments. The sector thus remains confronted with an important distinction between current industrial demand vigor and questions about the long-term profitability of capacities under development.
South Korean Kospi declines 7.57%, memory manufacturers particularly affected
The correction took on particular magnitude in South Korea, where memory manufacturers hold a decisive place in market capitalization. The Kospi index closed Thursday's session at 5,554.22 points, down 7.57%, its lowest level in six months, according to Reuters. During the day, the decline reached 9.29%, triggering the activation of a trading suspension mechanism for twenty minutes.
Samsung Electronics and SK Hynix, two major suppliers of memory components, respectively lost approximately 9.5% and 11.1%.
Their exposure to artificial intelligence infrastructure spending places them at the center of questions about the durability of technology investments. High bandwidth memory, in particular, plays an essential role in advanced computing systems.
The movement is part of an international correction. On Wednesday, October 14, the Philadelphia Semiconductor index had declined 4.3% on Wall Street. Japanese markets also experienced significant selloffs in their technology stocks the following day.
The extent of the declines underscores the sensitivity of sector stocks to interest rate prospects, financing conditions, and expectations for demand growth related to AI. Markets are simultaneously penalizing companies operating at different stages of the production chain, without their industrial and financial situations necessarily being identical.
