Asian markets mixed, tech stocks tumble on US earnings misses

October 30, 2026 (MLN): Asian markets traded mixed on Friday, with technology stocks coming under heavy selling pressure after disappointing earnings from major U.S. technology companies and reports of a $5.7bn cryptocurrency hack involving Binance dampened investor sentiment.

Japan’s Nikkei 225 fell 0.68%, while the broader Topix gained 0.26%. South Korea’s Kospi declined 3.11% at the open, and the small-cap Kosdaq dropped 2.35%. In Australia, the S&P/ASX 200 advanced 0.65%, according to CNBC.

Technology shares led the losses across major Asian markets. In Japan, Advantest fell 5.43%, SoftBank Group declined 4.66%, and Tokyo Electron dropped 3.93%.

South Korea’s semiconductor heavyweights also suffered significant losses, with SK Hynix falling 6.36% and Samsung Electronics slipping 3.45%.

The sell-off followed weaker-than-expected quarterly results from several U.S. technology companies, raising concerns about earnings performance and the sustainability of investments in artificial intelligence (AI).

Alphabet, Google's parent company, plunged 12% in Thursday's regular session after its third-quarter earnings per share and revenue fell short of market expectations.

The company also reported negative free cash flow of $9.07 billion, adding to investor concerns over spending on AI infrastructure.

Amazon shares dropped 6% in extended trading after the company reported third-quarter earnings and revenue below Wall Street's estimates.

The e-commerce and cloud computing giant also recorded negative free cash flow of $42.4 billion while maintaining its 2026 capital expenditure forecast of $220bn.

Intel shares plunged 21% after the chipmaker issued a weaker outlook for the current quarter, citing a slowdown in the personal computer market. Revenue from its client computing and physical AI group fell 5% year-on-year to $8.1 billion.

Meanwhile, Sandisk shares declined 3% in extended trading despite the data storage company's fiscal first-quarter results exceeding expectations. The company also announced an eight-for-one forward stock split.

Concerns over elevated AI-related spending have intensified as investors assess whether substantial investments in data centres and computing infrastructure will generate sufficient returns.

Cloud computing companies supporting AI infrastructure have also faced growing scrutiny over their debt burdens. CoreWeave shares have fallen 30% in October amid rising bond yields and concerns about market confidence, while Nebius is heading towards a 27% monthly decline.

Investment funds exposed to the AI and memory sectors have also recorded significant losses. The Roundhill Memory ETF, which includes Micron and Seagate Technology, has declined 14% this month, while the iShares A.I. Innovation and Tech Active ETF has lost 10%.

Wall Street's performance has reflected the uncertainty surrounding technology earnings. The Nasdaq Composite fell 1.4% on Thursday, while the S&P 500 declined 0.3%, following Alphabet's sharp sell-off.

As October's final trading session gets underway, the Nasdaq Composite is on track to lose 2.5% for the month. In contrast, the S&P 500 is poised to gain 0.9%, while the Dow Jones Industrial Average is heading towards a 2.8% advance.

Investors are also monitoring developments in the Middle East and the upcoming U.S. midterm elections, adding to the factors influencing market sentiment.

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