Global tech sell-off deepens as SpaceX leads decline amid inflation fears from Iran conflict

Markets tumbled globally on Tuesday, as renewed doubts about sky-high valuations appeared to take hold of shares in some of the largest AI, chip and memory stocks.

This deepening sell-off of leading technology stocks was led by Elon Musk's SpaceX, which has slid for days after a blistering debut on the U.S. market.

This latest tumult is caused in part by worries that rising inflation stemming from the Iran war and the closure of the Strait of Hormuz could lead to higher interest rates and more expensive borrowing for the ever-expanding global AI infrastructure buildout.

Nasdaq 100 futures plunge