Hang Seng Tech Index falls over 2% as Asian tech selloff deepens Hong Kong's benchmark tech index dropped 2.71% to 4,755.91 points amid a broader rout in AI and semiconductor stocks Hong Kong’s Hang Seng Tech Index slid 2.71% on June 8, closing at 4,755.91 points. The HSTECH, which tracks 30 major Hong Kong-listed technology companies, didn’t fall in isolation. The broader Hang Seng Index dropped 1.22% to 24,657 points, while the Hang Seng China Enterprises Index declined 1.13%. But tech bore the brunt. AI and chip stocks led the bleeding The worst performers were concentrated in artificial intelligence and semiconductor names. MiniMax-W fell over 8% in a single session. GigaDevice Semiconductor fell approximately 3.87%. MiniMax is one of the AI companies recently tapped for inclusion in the HSTECH index, alongside peers like Zhipu AI. The selloff traces back to a familiar cocktail of macro anxieties. In the US, disappointing earnings from major semiconductor firms, including Broadcom, triggered a pullback in the American tech sector. Adding fuel to the fire: rising oil prices tied to escalating geopolitical tensions between Iran and Israel. Markets are pricing in roughly a 70% probability of a US rate hike in 2026, which is a significant shift from the dovish expectations that dominated earlier in the year. A persistent downtrend, not a one-day blip The HSTECH has been in persistent decline for most of 2026. Year-to-date losses have exceeded 10%, and by some measures the index has fallen more than 30% from its October 2025 high. What this means for crypto investors The 70% implied probability of a Fed rate hike is the number to watch. Higher rates mean higher yields on safe assets like Treasuries, which compete directly with speculative investments for capital. When a 10-year Treasury offers a juicy yield, the opportunity cost