Technology stocks extended their losses on Thursday, dragged down by a sharp decline in semiconductor shares as investors grew concerned about how companies will finance their enormous artificial intelligence spending plans. South Korea's benchmark KOSPI tumbled more than 7 percent, its seventh straight daily decline. The market, which has shed about a fifth of its value over that period, has become a bellwether for the A.I. boom, thanks to its two dominant memory chip makers, Samsung Electronics and SK Hynix.
Shares in other major Asian markets fell sharply, European tech shares wobbled in early trading and U.S. futures pointed to a renewed sell-off. On Wednesday, the S&P 500 recorded its steepest daily decline in months, after data showed U.S. inflation running hotter than economists expected.
Tech stocks are hit hard, again. Bond yields fall in choppy trading. Oil prices retreat, but gasoline prices stay high.
What they are saying: "No intention to leave food on the table" in the A.I. race.
Source: New York Times Business · Summarized by HeadlinesBriefing