Tech Stocks Tumble Amid AI Investment Concerns

Asian stocks experienced a notable downturn on Thursday, largely fueled by escalating costs associated with AI investments. Investors retracted from technology shares, spurred by Alphabet's announcement of a significant capital expenditure plan, which vastly outpaced analysts' expectations at $175 billion to $185 billion.

Market shifts saw investors moving towards safer, defensive stocks like Walmart, amidst growing fears of AI-induced job disruptions. The ripple effect was compounded by disappointing earnings from Advanced Micro Devices, contributing to an $830 billion wipeout in market value since late January.

Adding to the financial turbulence, precious metals and crude oil faced declines, with silver and gold both diving sharply. In currency markets, the Australian dollar and the Kiwi slipped, while geopolitical and economic tensions continued to influence global markets.