AI Cost Reality Check Jolts Tech Stocks as Apple Raises Prices

Asian technology stocks slumped after Apple raised prices for its products, stoking concern that rising component costs will curb demand for devices and eventually slow the memory chip rally that has powered much of the AI trade.

South Korean memory chip giants SK Hynix Inc. and Samsung Electronics Co. both slid more than 10% at one point. Their Japan-based peer Kioxia Holdings Corp. sank as much as 14%. That led to a 6.4% drop in the MSCI Asia Pacific Infotech gauge. Futures on the Nasdaq 100 Index declined 1.5% before paring losses.