Global equities extended their declines on Wednesday, as the sell-off on Wall Street triggered by fears of an artificial intelligence investment bubble spread to Asia.
South Korea’s Kospi, one of the year’s top-performing indices due to enthusiasm over AI, slid as much as 6.2 per cent, later recovering some gains to close 2.9 per cent lower. Japan’s Nikkei 225 index closed down 2.5 per cent, and the Taiex in Taiwan dropped 1.4 per cent.
The declines came after the S&P 500 and tech-heavy Nasdaq Composite dropped 1.2 per cent and 2 per cent respectively on Tuesday, as concerns rose about the elevated valuations for AI companies and Wall Street executives warned markets were vulnerable to a retreat.
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