Global Tech Rout Deepens as Kospi Drops 10%, Nasdaq Futures Sink 2.6%

Price ActionMacro Impact 4

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Summary · why it matters

A global selloff in technology stocks intensified, with South Korea's Kospi Index falling 10% from its record high and Nasdaq 100 futures dropping 2.6%. S&P 500 futures slid 1.4% as investors questioned whether hyperscalers such as Alphabet can justify massive AI spending, while a less accommodative Federal Reserve backdrop added pressure to risk appetite. Chip stocks were hit hardest, with SK Hynix and Samsung Electronics both dropping more than 10% in Seoul, and Intel and Micron Technology leading losses among US chipmakers in premarket trading. Memory stocks, many of which have posted triple-digit gains this year, were among the steepest decliners as investors took profits, with attention now turning to Micron's quarterly results on Wednesday after its more than 300% rally since January. The risk-off mood spread to other assets, with SpaceX falling 4.5% and poised to trade below its first-day opening price of $150, while Chinese equities in Hong Kong entered a bear market and Brent crude fell 0.7% to $77.40 a barrel.