AI Stocks Suffer as Oil Prices Surge

Asian stock markets declined on Wednesday, led by South Korea's Kospi index, which dropped 5.2% to 6,515.97.

The decline was partly due to renewed concerns about artificial-intelligence stocks, which have been under pressure after their recent surge.

Stocks like Micron Technology and Nvidia, which are heavily reliant on AI technology, fell by 7% and 2.3%, respectively.

Rising oil prices also contributed to the market sentiment, with Brent crude surging 0.9% to $91.83 per barrel and U.S. benchmark crude oil gaining 1% to $84.88 per barrel.

The high oil prices have led to concerns about inflation, which has pushed bond yields higher.