AI-Related Shares Plummet as Oil Prices Retreat Amid Global Uncertainty
The global financial markets are experiencing a sell-off in AI-related shares as concerns about an artificial intelligence bubble persist. In Asia, South Korea's Kospi fell 5.7% to 6,690.62, with Samsung Electronics down 7.6% and SK Hynix dropping 8.3%. Tokyo's Nikkei 225 declined 2.7% to 64,611.15, led by losses in technology companies.
SoftBank Group, which has significant investments in artificial intelligence, tumbled 7.1%. Hong Kong's Hang Seng dropped 1% to 24,963.23, while the Shanghai Composite index shed 1.6% to 3,814.20.
In Europe, Britain's FTSE 100 was up 0.2%, France's CAC 40 climbed 0.3%, and Germany's DAX gained 0.7%. Despite the losses in Asia, oil prices retreated for the first time in a week, with Brent crude down $3.02 to $97.67 per barrel.
The uncertainty surrounding the Middle East crisis and concerns about an AI bubble have pushed the US dollar to a 40-year high against the Japanese yen, with one dollar buying 163.79 yen early Friday.