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China Shares Slide at Open on Global Semiconductor Selloff

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Chinese equities opened lower on Tuesday, dragged down by a broader global selloff in semiconductor and technology stocks.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.9% lower to 3,823.13. The tech-heavy Shenzhen Component Index dropped 2.3% to start the session at 13,830.35.

Chip stocks fell sharply worldwide after renewed concerns over the sustainability of massive spending on artificial intelligence, Reuters reported.

The selloff spread across Asia, with the SSE STAR 50 Index (SHA:000688), the benchmark for the 50 largest science and technology companies on the Shanghai bourse, dropping 2.9% at market open.

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