Global tech stocks suffer bloodbath as US midterms fuel AI fears
Dawn · AFP, Reuters ·
Tokyo and Seoul stock markets close their weeks with losses of 6pc as fears grow that Democrats would accelerate a backlash against AI and data centres.
Technology shares plunged on Friday after an unnerving rout on Wall Street as fears grew that Democrats would accelerate a backlash against AI after their crushing defeat of President Donald Trump’s Republicans in the US midterms.
The Tokyo and Seoul stock markets closed out their weeks with losses of six per cent following the Nasdaq’s 5.5pc collapse on Thursday, its worst showing since April last year when Trump unveiled his wide-ranging global tariffs.
“The tech sell-off has intensified, with the pain of the brutal sell-off on Wall Street carried straight through to Asia and knocking sentiment in Europe,” said Susannah Streeter, chief investment strategist at Wealth Club.