AI Selloff Triggers Global Market Bloodbath: $2.5 Trillion Wiped Off Wall Street, Kospi Crashes 9%
News18 · Mohammad Haris, Business Desk ·
South Korea's benchmark Kospi plunges nearly 9% at the opening bell, prompting the exchange to activate circuit breakers and suspend trading for 20 minutes.
Global financial markets witnessed a massive selloff on Friday as panic over the future of the artificial intelligence (AI) boom triggered a sharp correction in technology stocks, wiping out nearly $2.5 trillion in US market value in a single session and sending Asian equities into a tailspin.
South Korea’s benchmark Kospi plunged nearly 9% at the opening bell, prompting the exchange to activate circuit breakers and suspend trading for 20 minutes. Japan’s Nikkei 225 also tumbled more than 6%, entering bear market territory after falling over 20% from its recent peak.
The rout followed a brutal session on Wall Street on Thursday, when the Nasdaq Composite plunged 5.52%, officially entering correction territory after closing more than 10% below its October 6 record high.