The panic in software stocks has spread to Asian stock markets, with Korean stocks falling over 3%. Silver plummeted 16% and gold fell below $4,800.

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On Thursday, Asia-Pacific markets generally declined, extending the sell-off in Wall Street tech stocks, with chip stocks being the hardest hit. South Korea's Kospi index led the declines in major markets, with both Samsung Electronics and SK Hynix falling more than 4%. Precious metals plunged, with spot silver dropping over 15% intraday.

Overnight, U.S. chipmaker AMD's first-quarter results guidance missed some analysts' expectations, causing its stock to plummet 17% and triggering a chain reaction among Asian tech stocks. Broadcom and Micron Technology fell 3.8% and 9.5% respectively.

Nick Twidale, Chief Market Analyst at AT Global Markets, commented that the Asian markets are being hit by the overnight sell-off on Wall Street. It's uncertain whether one can say tech stocks have peaked, but there is still room for further correction. This is the traditional "sell tech stocks, switch to defensive sectors" strategy.

The South Korean market bore the brunt, with the Kospi index falling 3.68%. Samsung Electronics and SK Hynix dropped 4.14% and 4% respectively.

The Nikkei 225 Index edged down 0.73% to 53,898.35 points, but the broader Topix Index rose 0.23%, setting a new historical high and becoming the only major index in the Asia-Pacific region to close higher.

SoftBank Group plunged 6.39% during trading, as its chip design subsidiary Arm's third-quarter royalty sales missed expectations.

Bitcoin also weakened in tandem with the tech stock sell-off, falling more than 3%, dropping below the $73,000 mark at one point and continuing to decline.

Spot silver fell more than 16% intraday, dropping below the $74 mark. Spot gold fell below $4,800 intraday, down more than 3% for the day.

In the domestic market, the main contract of lithium carbonate futures hit its down limit intraday, the main silver futures contract fell more than 7%, and the main platinum contract fell over 8%.

The Guotou Silver LOF fell by the daily limit for the fourth consecutive session after resuming trading, closing at 3.443 yuan, with the latest premium rate at 37.12%.

Continuously updating

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