Chip Selloff Deepens After Google Touts Memory Breakthrough

Memory chip stocks extended their losses on Thursday after Alphabet Inc.’s Google publicized research on a new algorithm that could allow more efficient use of the storage needed for artificial intelligence development.

Samsung Electronics Co. and SK Hynix Inc., South Korean leaders in the market, both fell at least 6% in Seoul. In the US, Micron Technology Inc., Western Digital Corp. and Sandisk Corp. all slid at least 7% in US trading, after they closed lower on Wednesday.