ASIA TECH GIANTS ARE GETTING CRUSHED IN THE AI TRADE ROUT

What happened: Asia tech stocks fell sharply on Friday as an AI trade sell-off spread across the region, hitting chipmakers and technology companies that led this year's rally. Key numbers: Kospi fell 9% in early trading, triggering a trading halt. Nikkei 225 sank 7%. Why it matters: Investors fear Democratic midterm victories could bring tighter regulation of data centers and AI development, threatening the spending boom behind the rally. Saxo's Charu Chanana wrote the market is repricing future expectations rather than reacting to a collapse in current demand.

Asia tech stocks fell sharply on Friday as an AI trade sell-off spread across the region, hitting chipmakers and technology companies that led this year's rally.

Investors fear Democratic midterm victories could bring tighter regulation of data centers and AI development, threatening the spending boom behind the rally. Saxo's Charu Chanana wrote the market is repricing future expectations rather than reacting to a collapse in current demand.