Asian tech stocks tumble as AI spending worries spread
South Korea's KOSPI fell 5.20% and Japan's Nikkei 225 dropped 2.55% on Friday after disappointing earnings from major US tech companies fuelled concerns about the pace of AI-related investment.
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China tech stocks tumble even as Fed stands pat on rates
Chinese markets fell at midday as a sharp decline in technology and AI shares outweighed the US Federal Reserve's choice to hold borrowing costs steady. The Shanghai Composite shed 0.9% and the tech-focused STAR50 gauge sank 4.2%.
10-year Treasury yield drops below 5% as AI credit worries spur safety bid
The US 10-year Treasury yield fell about 13.5 basis points, dipping under the 5% mark, as investors sought shelter from renewed stress in AI-linked credit and stock markets.
AI stock slide pushes Treasury yields down more than 15bp
A steep drop in artificial intelligence shares drove investors toward US government debt, sending 2-to-10-year Treasury yields lower by at least 15 basis points in their sharpest single-day decline in over a year.
JPMorgan: hedge funds’ chip de-risking nearly done, limiting downside
JPMorgan strategist Nikolaos Panigirtzoglou believes hedge funds have already pared back enough equity exposure to cap further stock losses, a thesis put to the test when semiconductor shares suffered their steepest one-day decline since June.