Asian Stocks Decline Amid AI Concerns and Rising Oil Prices

Stocks in Asia took a hit on Wednesday as concerns over artificial-intelligence (AI) stocks continued to weigh on markets. The Kospi in South Korea led the decline, dropping by 5.2% to 6,515.97. Samsung Electronics and SK Hynix, two of the biggest beneficiaries of the AI boom, shed 6.9% and 7.9%, respectively.

In Tokyo, the Nikkei 225 sank 2.6% to 65,703.78. The Hang Seng in Hong Kong lost 0.4% to 25,382.66, while the Shanghai Composite index shed 1.5% to 3,927.70.

The decline in Asian markets followed a third straight modest loss on Wall Street, where the S&P 500 fell 0.7%. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite sank 1.3%.