Live updates: Market jitters persist as the AI selloff deepens
Global market jitters intensified as South Korea's KOSPI index plunged nearly 4% amid a deepening selloff in technology and AI sectors. The downturn was exacerbated by one of the weakest IPO debuts in regional history.
- NNDX
Spillover from Asian tech and AI stock selloffs pressures global equities.
Financial markets faced renewed turbulence as selling pressure accelerated across Asian equities, led by a sharp contraction in South Korea. The benchmark KOSPI index tumbled by nearly 4% in response to growing skepticism surrounding artificial intelligence valuations and tech sector outlooks. Compounding the regional malaise, data centre company Elice suffered a disastrous public debut, plunging roughly 30% in one of the worst initial public offerings on record for the country. This poor showing heightened investor anxiety regarding the sustainability of high-flying AI infrastructure spending and tech valuations. Analysts note that weakness in Asian regional tech stocks often sets a defensive tone for global risk assets during early trading hours. Consequently, capital is rapidly rotating out of high-growth sectors into safer asset classes.
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