Asia Stocks Plummet on AI-Related Losses and Soaring Oil Prices

Stocks in Asia experienced a sell-off on Friday, primarily driven by losses in AI-related shares. This downturn was also influenced by Brent oil prices trading near $100 per barrel.

The S&P 500 index fell 0.1%, putting it on track for its second consecutive weekly loss since March. The Dow Jones Industrial Average rose 76 points or 0.2% as of 9:53 a.m. Eastern time, while the Nasdaq declined by 0.6%.

The sharp losses in Micron Technology and Broadcom weighed heavily on the market, contributing to the Nasdaq's decline. These companies have significant market values that tend to influence the broader market.