Sep 28, 2026 · 5 min
Asian tech stocks retreat as banks find shelter
SK Hynix Falls, Zhongji Innolight Declines, Northern Star Jumps
The episode maps how cybersecurity fears, possible US restrictions, yields, oil and the dollar are reshaping leadership across Asian markets.
- 1Cybersecurity concerns and possible US restrictions on Chinese optical companies weigh on Asian technology shares.
- 2Rising yields and oil prices help Asian banks outperform as investors seek relative safety during the tech selloff.
- 3A stronger dollar and higher short-term US yields pressure gold and mining stocks, especially after gold breaks below a key level.
Don't miss
The discussion links gold’s break below a key level with especially heavy pressure on Chinese gold companies.
The brief
Asian technology stocks are under pressure as cybersecurity concerns involving OpenAI and possible US restrictions on Chinese optical companies unsettle investors in Korea and China.
Nathan Hager and Katie Greifeld frame banks as a relative safe haven, with rising yields, higher oil prices and expectations for the US jobs report supporting Japanese lenders.
The rotation extends beyond equities: a stronger US dollar and higher short-term yields reduce gold’s appeal, sending COMEX gold and related mining shares lower.
Gold’s break below a key level weighs especially heavily on Chinese gold companies, making the bullion decline the clearest expression of tightening financial conditions.
The episode’s broader signal is a market choosing yield and defensiveness over technology exposure as trade uncertainty and currency pressure compound.
What was said on this episode
9 statements · 5 positive · 4 negative
The Trump administration is continuing restrictions on Chinese optical companies.
“the Trump administration continues to crack down on Chinese optical names”
Listen at 1:05
A Senate bill could exclude Chinese optical companies from the US government ecosystem.
“There is another bill in the Senate potentially cutting off Chinese optical names from the US government's ecosystem.”
Listen at 1:09
OpenAI cybersecurity issues and optical restrictions are causing weakness in Korean and Chinese markets.
“Combine the two of those and you have pretty big weakness in Korea and in China.”
Listen at 1:16
Asian banks have traditionally served as a refuge during technology-sector weakness.
“Asian banks have been a traditional hiding place on the other side of tech.”
Listen at 2:00
Asian bank stocks have risen whenever technology stocks experienced drawdowns.
“Every single time we've had a tech drawdown, the bank sector has looked up.”
Listen at 2:04
Rising short-term Asian yields are supporting bank stocks.
“the short, the short end of the bond curve moving up across Asia and that's helping banks.”
Listen at 2:18
Higher US short-term yields make the dollar more attractive than gold.
“the dollar is looking more attractive”
Listen at 3:08
Gold falling below $4,200 is causing panic among gold stocks.
“gold's taken out the $4,200 level that's held for some time, and that's causing some panic in the gold names”
Listen at 3:16
Northern Star shares rose 7% while resisting Goldstar's takeover bid.
“Northern Star trades up 7% as it bats away at takeover bid from Goldstar.”
Listen at 3:39
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Featuring
Nathan HagerMentioned
OpenAI
United StatesListen to the full episode and explore every guest, topic, and moment on PodLume.