Wall Street Journal, citing people familiar with the matter, reports hedge fund Samlyn Capital will narrow its investment focus to the financial sector.

Asian chip stocks tumbled on Friday as a global tech rout hit the region, erasing more than $18bn from the wealth of 22 Asia-based billionaires among the world’s 500 richest (peak losses exceeded $21bn). SoftBank founder Masayoshi Son lost about $3.9bn, trimming his net worth to roughly $29bn. Founders tied to AI-centric firms — including Keyence’s Takemitsu Takizaki and ASE Technology Holding’s Zhang Qiansheng — each lost at least $1bn. Samsung Electronics shareholder Lee Jae-yong and his family saw about $2.5bn wiped off their wealth. Companies at the core of the AI boom were hardest hit.

Goldman Sachs shares fell 5.9%, the largest one-day decline since February.