"A slump in technology stocks snowballed into Asia as mounting anxiety over frothy valuations and massive artificial intelligence spending drove investors to trim exposure. MSCI's gauge of Asian tech shares slid on Thursday for a fifth time in six sessions with Samsung Electronics Co. and SoftBank Group Corp. among the losers. South Korea's Kospi Index - a poster child for AI investments - led the losses, dropping 3.9%."
""Asian markets are getting a hit from the overnight selloff on Wall Street," said Nick Twidale, chief market analyst at AT Global Markets. "I don't know whether we can say the tech peak has been reached, but I do think there is room in the market for more correction. It's the traditional sell tech and move back into more defensive sectors.""
Technology stocks declined across Asia as investors trimmed positions over frothy valuations and heavy artificial intelligence spending. Major Asian tech gauges fell for multiple sessions, with Samsung and SoftBank among notable losers and South Korea's Kospi plunging. US tech names including Alphabet, Qualcomm and Arm moved lower after tepid earnings, while US futures edged higher. European markets faced potential losses as the pound and euro weakened before central-bank decisions. Precious metals plunged—silver around 17% and gold about 3.5%—and Bitcoin extended losses as sentiment shifted toward defensive sectors and away from growth-oriented tech.
Read at Fortune
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