US EditionAsia Shares Extend Global Tech Rout, Silver Tumbles Again
Asian tech stocks dropped due to valuation concerns and heavy AI spending; silver fell 17%, marking the largest daily decline on record, according to market data.
- Yesterday, MSCI's Asian tech gauge declined for a fifth time in six sessions, with Samsung and SoftBank among the losers.
- Mounting anxiety over frothy valuations and AI spending prompted investors to trim exposure, with Chinese tax and earnings concerns adding to the sentiment shift, as the gauge fell for six straight sessions.
- An unwind of crowded momentum trades left software stocks plunging, with the iShares ETF dropping nearly $1 trillion over seven days and Silicon Valley losing hundreds of billions in two days.
- Silver and gold plunged as much as 17% and 3.5%, while the Hang Seng Tech Index in Hong Kong fell about 20% from an Oct. 2 high, nearing a bear market.
- Amid questions about AI spending, Tony Sycamore said `Investors are questioning their commitment to the pillars that have underpinned markets over the past six months: AI, crypto, and precious metals` while Nvidia nears a $20 billion investment in OpenAI.
42 Articles
42 Articles
Daily Journal
Asian markets extend global retreat as tech worries build
Asian equities sank again Friday as a tech rout that battered Wall Street for the third day in a row showed no sign of letting up amid growing unease about the hundreds of billions splashed out on artificial intelligence.
Asian stocks tumble as AI rout deepens, silver hammered
Asian stocks extended losses for a second day, mirroring a Wall Street selloff driven by concerns over AI's impact on software profits and rising U.S. layoffs. Precious metals and cryptocurrencies also experienced significant volatility, with gold, silver, bitcoin, and ether all declining sharply.
A global slump in technology stocks paused on Thursday as traders debated whether a selloff spanning everything from software shares to chipmakers had gone too far. Silver tumbled anew.
FXStreet
Bitcoin Ethereum NewsSilver shudders, XAG/USD tumbles 13% as metals rout continues
Spot Silver markets took a fresh beating on Thursday, with XAG/USD tumbling 13% in a single day. Intraday Silver bids have been pushed back onto the bottom end of a 40% peak-to-trough decline that dragged Silver prices sharply down from record highs posted at $121.66 just last week.
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