U.S. chip stocks extend selloff on earnings, AI jitters
** U.S. chip stocks hit by more selling in premarket trading after disappointing earnings from semiconductor companies across the globe and on jitters around AI frenzy
** Shares of Micron Tech MU.O down 3.6%, Nvidia NVDA.O off 1.3%; AMD AMD.O, Broadcom AVGO.O, Arm Holdings ARM.O and Intel INTC.O down 0.8%-2.8%
** The Philadelphia SE Semiconductor index .SOX tumbled 5.4% on Wed, closing 13.5% below its all-time closing high and in correction territory, as investors sold AI-linked stocks on concerns about lofty valuation
** Asian markets sold off sharply on Thurs, with South Korea's SK Hynix 000660.KS falling 8.9% despite posting its highest quarterly profit since 2018
** In Japan, Renesas Electronics 6723.T slumps 13.6% after the chipmaker reports 29% decline in net profit for six months to June
** Franco-Italian chipmaker STMicroelectronics STMPA.PA drops almost 14% after it cut FY revenue and margins guidance
Reporting by Sruthi Shankar in Bengaluru
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