Global stocks fell on Tuesday as technology shares slid despite blockbuster results from Samsung Electronics, with investors remaining concerned about the sustainability of the AI-driven rally, while oil prices rose on renewed Middle East tensions. Samsung Electronics forecast a 19-fold jump in April-June operating profit to 89.4 trillion won, marking a third straight quarter of record operating profit for the world's largest memory chipmaker. Rather than reassuring investors, the results triggered heavy selling in Samsung and rival SK Hynix shares, weighing on South Korea's Kospi and other technology-heavy Asian markets. In Europe, the STOXX 600 rose 0.1%, supported by gains in oil and gas shares as crude prices edged higher amid signs that U.S.-Iran peace talks were losing momentum. Brent crude futures rose about 1% to $72 a barrel.
Samsung Electronics Co LtdDespite forecasting a 19-fold profit jump, Samsung shares fell heavily as investors worried about AI rally sustainability.
SK Hynix IncSamsung's record profit triggered heavy selling in SK Hynix shares, indicating investor concern over AI-driven demand sustainability.