Tech losses take a bite out of Nasdaq

Andrew Murray joins as Apac senior vice president, financial technology, while Bob McCooey, Nasdaq's head of international listings, has relocated to Singapore.

The Japanese giant will make cost savings of ¥500bn and reduce its workforce by 20,000, and its number of plants from 17 to 10 by FY 2027, after a net loss of ¥670.9bn in FY 2024.

The index provider cited unresolved market-accessibility issues for global investors, including limits around Korean won convertibility. Korean semiconductor giant SK Hynix is seeking direct access to US investors amid surging demand for AI memory chips.

HSBC's chief executive Georges Elhedery said the bank is on track to make $300m of savings by the end of 2025; the London-headquartered bank has also exited its Bahrain retail business and announced a $2bn share buyback.

The South Korean chipmaker's record $26.5bn Nasdaq debut was followed by a record sell-off in Seoul after weaker earnings expectations, even as analysts remain constructive on the longer-term AI memory cycle.

CEO Darren Wang described the process to FA as “difficult” and said that reaching out to more US-based private investors, while expanding globally, is the next step.