Asian Markets Plunge on AI Jitters and Rising Oil Prices

Asian markets saw significant declines on Wednesday, following Wall Street's retreat from its all-time high. The Kospi in South Korea led the regional slump, plummeting 5.2% to 6,515.97. Samsung Electronics and SK Hynix, two companies that benefited from the AI boom, suffered losses of 6.9% and 7.9%, respectively.

The Nikkei 225 in Tokyo sank 2.6% to 65,703.78, while the Hang Seng in Hong Kong lost 0.4%. The Shanghai Composite index shed 1.5%, Taiwan's Taiex fell 1.4%, and Australia's S&P/ASX 200 slipped 0.4%.

The decline was partly attributed to renewed jitters over AI-related stocks, which have seen significant price increases. Rising oil prices also contributed to market sentiment, with Brent crude surging 0.9% to $91.83 per barrel and U.S. benchmark crude gaining 1% to $84.88 per barrel.

Stocks that have been big winners in the AI boom, such as Micron Technology, Nvidia, and Broadcom, led the decline, dropping 7%, 2.3%, and 3.2%, respectively. These stocks remain significant winners, with Micron more than tripling this year.