Taiwan's market suffered one of its worst days ever, falling 3.4% and closing below 47,000 — bad news for tech investors, though bargain hunters and bank shareholders came out ahead.

• US inflation came in hotter than expected, so traders started betting the Fed will raise rates again, which knocked down expensive tech stocks worldwide.
• Foreign money is leaving Taiwan fast — the local dollar broke past 32 to the US dollar in three days, and that outflow looks set to continue.
• Chip and hardware stocks across Asia got hit hardest, with Samsung and Taiwan's AI server makers among the big losers.
• Money rotated into traditional industry and bank shares, and several Taiwanese banks hit record highs as investors looked for shelter.
• 48,000 is the line that matters: if the index can't climb back above it, the recent rally was a false breakout and 40,000 becomes the next target.

Outlook: TSMC's quarterly results are the market's main hope for a floor, and results are expected to be solid, but money will likely keep flowing out until the Fed picture clears up.