Global stocks reel after $2.5 trillion wiped off US markets over AI fears
CNN · Stephanie Yang, Anna Cooban ·
A tech-driven market selloff rippled across global markets Friday, sending Asian and European stocks falling amid ongoing worries that a Democrat-controlled Congress could stymie the AI investment boom.
A tech-driven market selloff rippled across global markets Friday, sending Asian and European stocks falling amid ongoing worries that a Democrat-controlled Congress could stymie the AI investment boom.
Tech-heavy indexes in Asia were particularly hard hit Friday, following a Wall Street rout that wiped out roughly $2.5 trillion in market value. South Korea’s Kospi index and Japan’s Nikkei 225 index both closed down 6%, while Taiwan’s benchmark Taiex index ended 4.5% lower.
The moves reflect a retreat among investors from some of this year’s hottest trades. Asian tech companies, which play an integral role in the global electronics supply chain, have been buoyed by insatiable demand for components such as semiconductor chips needed to build massive AI data centers.