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Asian stocks fall on AI share sell-off
Asian stocks declined significantly, with the South Korean "KOSPI" index falling by more than 5%, amid a wave of sell-offs in AI-related tech stocks after previously hitting record highs. Japanese stocks also dropped noticeably, and Chinese markets declined despite weakness in tech shares, while markets in Hong Kong saw limited gains thanks to gains in AI company stocks like Alibaba and Tencent. The main reason for the decline is a correction in the valuations of AI companies, following the KOSPI's largest monthly loss since the 2008 crisis, as major semiconductor stocks tumbled sharply. Global markets are experiencing volatility due to rising oil prices and expectations of interest rate hikes by central banks, amid investor anticipation of significant financial decisions in Asian and American markets.
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