Global selloff impacts tech stocks
Global stock markets declined, particularly shares of AI-related chip companies, amid a broad sell-off. This came after U.S. inflation accelerated faster than expected in September, increasing expectations of interest rate hikes by the Federal Reserve. As a result, technology stocks fell, U.S. Treasury bond yields dropped, and demand for safe-haven assets increased. The Korean Kospi index also lost over 8%, with major companies like Samsung and SK Hynix dropping more than 9%. Markets are assessing the impact of rising inflation on monetary policy, with expectations of further monetary tightening in the future, amid concerns over weak returns from AI investments and declining results from major chip companies.
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