Foreign selling is  rising in the tech-heavy markets in Asia as investors move away from risk assets due to concerns about the cost of borrowing, the economic impacts of the war in Ukraine, and supply chain issues.

$63 billion in shares of tech companies in Taiwan, South Korea, and India have been sold by overseas funds, according to data from Bloomberg. It appears set to become the worst outflow since 2008.

Taiwan has seen the worst outflow, with $28.1 billion flowing out year to date, even as in the last week, global funds bought the most shares in two months.

Likely weighing on investors is the changing tone of political relations with China, and the repeated rumblings of reunification with Taiwan. In addition other countries, such as the US, have been moving to bring semiconductor and chip fabrication home, partly to address current shortages, and possibly also in the event China decides to forcibly take over Taiwan and seize, or perhaps trigger the destruction of, sensitive chip fabrication facilities.