Asian stocks plunge as AI rally falters on Broadcom outlook and rate hike fears
By
Reuters
The bagel they save for the regulars. Don't skim, savour.
Summary
Asian stocks plunged sharply as investors fled AI-linked shares amid fears the bull run has overheated. The selloff was triggered by a disappointing outlook from chipmaker Broadcom and a surprisingly strong U.S. jobs report that has traders pricing in a potential rate hike this year. Fresh hostilities in Iran further pushed oil prices higher, compounding market fragility. Korea's chip-heavy KOSPI led losses with a 5% slide, dropping 13% from last week's record high.
Key quotes
· 3 pulledAsian stocks plunged on Monday as investors rushed out of the hottest AI-linked shares on fears the bull run has gone too far, too fast
The twin triggers for a rout that is highlighting a fragile market mood were last week's disappointing outlook at chipmaker Broadcom and a surprisingly strong U.S. jobs report
Korea's chip-heavy KOSPI, the world's best-performing market this year, led losses in Asia with a 5% slide that has the benchmark down 13% from last week's record high
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