Chips are down on tech funds

For tech fund managers, the long-awaited fourth quarter is upon us - yet the traditional surge of tech stock prices expected around this time of the cycle has, at the time of writing, eluded us. Look around - most tech boards in Asia are still wallowing in their year's lows, with the Nasdaq in the US leading the falls.

In Taiwan, TSMC Taiwan Semiconductor Manufacturing Corp and UMC United Microelectronics Corp, the darlings of tech funds, were in a state where they needed to have their share prices shored up earlier this month by the government's NT$500 billion $16 billion National Stabilization Fund. Has the semiconductor cycle short-circuited
 
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