Nikkei 225, Kospi, Hang Seng Index, Nifty 50
Aerial view of vehicles driving on the road along the central business district of Beijing, China.
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of japan Nikkei 225 It fell below the 50,000 level on Wednesday amid a broader decline in Asian markets as investors fled AI-related stocks.
Nikkei lost 3.48% while Topix lost 2.27%. Notable losers in Japan included Softbank Group Corp, down nearly 12%.
South Korea’s kospi It fell 5.97%, with chip heavyweights Samsung Electronics and SK Hynix reporting losses of more than 7% and 8%, respectively. Small-cap Kosdaq lost 5.39%.
of hong kong Hang Seng index It fell 1.36%, while China’s CSI 300 index fell 0.9%.
Losses on Australia’s S&P/ASX 200 index were relatively light at 0.77%.
While the S&P 500 index closed the night in the USA with a 1.17% decrease at 6,771.55 points, the Nasdaq Composite index closed with a 2.04% decrease at 23,348.64 points. The Dow Jones Industrial Average lost 251.44 points, or 0.53%, to 47,085.24.
Palantir shares tumbled nearly 8% even as the software company beat Wall Street forecasts for the third quarter and provided strong guidance, driven by growth in its artificial intelligence business.
Gains in AI stocks pushed the S&P 500’s forward price-to-earnings ratio above 23, near its highest level since 2000, according to FactSet.
While these stocks have propelled the broader market to new highs in recent months, Ameriprise’s Anthony Saglimbene said in an interview with CNBC that in the absence of a pullback, valuations are “really starting to get stretched.”
— CNBC’s Sean Conlon and Fred Imbert contributed to this report.
