Global stocks sell-off deepens as chipmakers tumble and South Korea triggers circuit breaker
Oracle fell 7.8% and neocloud firms CoreWeave and Nebius each shed more than 11% as higher borrowing costs punished AI stocks amid the global sell-off.
South Korea's KOSPI plunged more than 7% and triggered an automatic circuit breaker on Thursday as a brutal tech-led sell-off swept Asian markets, extending a Wall Street collapse driven by hotter-than-expected US inflation data. AI and chip stocks bore the brunt, with traders now pricing a 60% chance of a Federal Reserve rate hike after September consumer prices surged beyond forecasts. Oracle fell 7.8% and neocloud firms CoreWeave and Nebius shed more than 11% each as higher borrowing costs punished the AI buildout trade.
Bank of America slid 5.3% after setting aside $1.2bn to cover regulatory fines, dragging bank stocks further.
