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Asian stocks dip amid AI slowdown calls
Asian stocks and U.S. stock index futures declined following calls from major artificial intelligence companies to slow down the pace of technological development, sparking fears among investors about the tech sector, which has driven the market rally this year. The MSCI Asia-Pacific index fell by 0.5%, and the KOSPI declined by 2.1%. Shares of chip companies like SK Hynix and Samsung Electronics also dropped, and SoftBank's stock fell by up to 13%. These changes come amid concerns that the slowdown could impact spending and investment in AI, especially as oil prices rise and geopolitical tensions heighten economic worries. Meanwhile, the price of Brent crude oil increased by 2.7% to $107.51. Additionally, U.S. inflation data and expectations of Federal Reserve interest rate hikes have raised the likelihood of tightening monetary policy, further adding pressure on high-risk markets.
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