Technology stocks in Asia were mixed on Wednesday after their U.S. counterparts slumped stateside.
Shares of Apple suppliers were also mixed, a day after the Cupertino-based tech giant saw its stock drop on the back of worries over the sales of its flagship product, the iPhone.
In Taiwan, chipmaker Taiwan Semiconductor Manufacturing Company, also known as TSMC, was higher by 0.23 percent while major contract manufacturer Hon Hai Precision Industry, better known as Foxconn, declined by 1.4 percent.
The losses were also seen in Japan, where shares of motor maker Nidec declined by 0.65. Component supplier Murata Manufacturing, however, recovered from its earlier losses to trade 1 percent higher.
The moves in Asia came after Goldman Sachs slashed its price target on Apple on Tuesday, noting that “in addition to weakness in demand for Apple’s products in China … it also looks like the balance of price and features in the iPhone XR may not have been well-received.”
Apple shares fell 4.8 percent on Tuesday.
Across Asia, the tech sector appeared mixed on Wednesday.
In Japan, semiconductor-related stocks staged a strong rally as semiconductor equipment maker Tokyo Electron rose 4.4 percent while manufacturer Advantest jumped 3.35 percent.
Over in South Korea, shares of industry heavyweight Samsung Electronics fell 1.64 percent while chipmaker SK Hynix saw gains of 0.3 percent.
The overall picture for tech was mostly positive in Hong Kong, where Chinese juggernaut Tencent saw its stock rise 1.42 percent and China Literature gained 0.79 percent.
On Monday, the “FAANG” stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all closed in bear market territory, down more than 20 percent from their 52-week highs.
FAANG stocks were volatile on Tuesday trading, starting the day down sharply, but recovering most of their losses by the end of the day.
One investor told CNBC’s “Squawk Box” that the FAANG stocks were priced “beyond perfection.”
“The momentum that was positive that drove them to, maybe a level of irrational exuberance among their owners has now reversed course,” said Jim Lowell, chief investment officer at Adviser Investments on Wednesday.
— CNBC’s Fred Imbert contributed to this report.
