Asian stock markets dropped hard on Wednesday, a bad day for chip investors as semiconductor shares led the selling.

• Taiwan's index fell close to 1,000 points and broke below 45,000, with TSMC and other chipmakers leading the drop.
• Korea was hit worst, opening down almost 7% and triggering a circuit breaker to pause trading.
• Japan's Nikkei fell more than 2,000 points as the selling spread across the region.
• The trigger came from the US, where chip stocks tumbled about 5% and TSMC's US-listed shares fell 4%.
• Rising government bond yields, worries about stubborn inflation, high oil prices, and US-Iran tension are all weighing on markets.

Outlook: Until oil prices and bond yields calm down, chip stocks and Asian markets are likely to stay under pressure.