Taiwan's stock market fell hard, dropping over 1,400 points to the 47,000 level — bad news for chip investors and anyone holding Taiwanese tech shares.

• TSMC, MediaTek, Delta Electronics and Hon Hai all fell, with server maker Wiwynn hitting its daily loss limit.
• The trigger came from the US: September inflation came in hotter than expected, reviving fears the Fed will raise rates.
• Chip stocks took the worst of it — the Philadelphia semiconductor index dropped over 4%, and Nasdaq fell too, dragging Nvidia, AMD and Micron down.
• Foreign investors pulled money out of Taiwanese tech shares, selling heavily for a second day.
• One bright spot: eleven Taiwanese dividend ETFs paid out over NT$31 billion in cash to more than two million investors the same day.

Outlook: TSMC's third-quarter earnings call later today is the next big test — strong results could steady the market, weak ones would deepen the selloff.