Samsung's shares fell 3.6% on Tuesday, their biggest drop in three months. South Korean rival SK Hynix ended the day down 2.4%. Samsung's profit is falling faster than its revenue, as the company focuses on market share. Year-on-year growth is a measure of the increase in a company's sales or profits over a one-year period. It is a popular way to compare a company's performance over time.

Memory chip prices have been falling steeply over the past year, and they are expected to continue falling in the first half of 2023.

The Bloomberg Asia Pacific Semiconductors Index rose by 0.6%, extending its recent surge to a five-month high. The main reason for this was South Korean memory maker Samsung Electronics Co., which gained more than 1%.‍

Intel is expected to report a $278 million loss for the final period of the year on sales of $14.49 billion, according to analysts surveyed by FactSet.

Nokia Oyj reported better-than-expected earnings, saying demand for their products “remains robust” even amid a weaker macro-economic backdrop with phone carriers set to take a more cautious approach to spending on 5G networks.