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China's STAR 50 index loses 40% in four months; Alphabet shares fall 12%
China's STAR 50 index lost over 40% of its value in just under four months, erasing nearly 480 billion dollars in market capitalization. The selloff hit semiconductor and robotics makers including Unitree, CXMT, MetaX and Moore Threads. The price-to-earnings ratio for STAR 50 reached nearly 250 at its peak, which analysts view as steep overvaluation relative to actual results. Meanwhile, Alphabet shares dropped over 12%, wiping out nearly 500 billion dollars in capitalization after weaker third-quarter results.
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