Tech selloff hits markets after South Korea AI chip news
Business
Global markets took a hit today as tech stocks slid, shaking up the AI-fueled rally everyone's been watching.
US stock futures dropped (Nasdaq-100 fell more than two percent and the S&P 500 fell more than one percent) after South Korea's KOSPI index plunged 10 percent.
The sudden dip came when SK Hynix and Samsung Electronics shares tumbled on news about changes in AI chip production.
Investors await Micron Technology amid selloff
The shockwave from Korea sent Asia's tech index down nearly 5%, and Europe's Euro Stoxx 50 futures slipped more than 1%.
Oil prices also dipped below $77 a barrel as tensions between the US and Iran cooled off.
Now, investors are eyeing Micron Technology's earnings later this week to see what's next for AI chips and the broader market.