Asian shares slip as the AI stock rout spreads worldwide after Wall Street's worst day since July
Brent crude climbed to $113.73 a barrel, its highest since May, driven by fears over the war with Iran. Meta Platforms shed 7% despite beating revenue forecasts and unveiled a new share category to finance its AI spending. Tokyo's Nikkei 225 lost 1.7% and South Korea's Kospi fell 2.4% on Friday. Investors are worried that surging borrowing costs for data centres and chips could undermine the AI boom.
The Nasdaq Composite declined 2.6% on Thursday while the S&P 500 slid 1.2%.
Lam Research dropped 11.8% despite posting profit and revenue above forecasts.
Short sellers pocketed $6 billion as AI cloud companies fell on debt fears.
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The IndependentAsian shares slip as sharp drops for AI stocks overwhelm markets worldwide and oil prices jumpThe GuardianSharp drops for AI stocks overwhelm markets worldwide as oil prices jumpThe TelegraphTech stocks fall as Nvidia boss warns of AI funding slowdownLBCStocks rattled by fears over tech sell-off and rising oil pricesNYTStocks See Steepest Decline in Months Amid A.I. WorriesReutersWall Street sinks as Nasdaq falls over 2% on AI cost worriesReutersSteep bill for AI buildout punishes Meta, other tech favoritesCBS NewsNasdaq dives more than 750 points as investors worry massive AI spending won't pay offReutersMeta shares slide, default insurance hits record as AI spending alarms investorsIrish TimesGlobal stocks slump as AI boom proves dangerous game and motor industry slows downReutersShort sellers pocket $6 billion in profits as neoclouds slide on AI debt fears
