Tech stocks fall as AI fears grow

Technology stocks experienced renewed pressure due to fluctuations in investor sentiment towards the artificial intelligence sector, ahead of key earnings reports this week that will determine the sustainability of the gains made by semiconductor companies. The Korean "Kospi" index fell by 3.5%, and the stock of "SK Hynix" dropped to its lowest closing level since April, while the MSCI Asia-Pacific equities index declined by 1%. Additionally, stocks of data center infrastructure companies, such as "Ilis," plunged 33% on their first trading day in Korea. Markets are looking ahead to earnings reports from major tech giants like Tesla, Meta, and Netflix, which will reveal how long the growth can continue despite rising financing costs and higher interest rates. Despite the temporary rebound in the U.S. stock market, investor sentiment remains cautious, with Treasury yields continuing to rise, oil prices climbing, and geopolitical tensions affecting currency markets, especially the euro. The upcoming earnings results will shape the sector's trajectory in the coming period, amid concerns that rising costs and decreasing risk appetite could dampen the AI boom.

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