Tech Sell Off Deepens as Rates Hit Chipmakers
Asian tech stocks suffered steep declines on Thursday as high interest rates pressured artificial intelligence investments. European markets stabilized slightly while investors awaited upcoming US economic data.
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Asian equity markets tumbled during Thursday's morning session as crowded artificial intelligence bets faced intense pressure from high borrowing costs, with South Korea leading losses. The regional rout followed a sharp tech sell-off on Wall Street triggered by hotter-than-expected inflation figures. Investors are rapidly repricing the cost of capital for high-growth artificial intelligence infrastructure as global interest rates remain elevated.
