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Global Tech Sell-Off Triggers “Bloodbath” Across Asian Markets

A massive wave of selling in semiconductor and technology stocks triggered a widespread market downturn across Asia on Friday, with significant losses spilling over into Europe and the United States. Investors have abruptly begun reevaluating the sustainability of price gains linked to artificial intelligence, leading to what market participants have described as a “bloodbath.”

Market Impact and Regional Declines

The sell-off prompted investors to flee from risk across the Asian continent. The MSCI Asia-Pacific index, excluding Japan, fell by 2.7%. The Japanese Nikkei 225 index suffered a correction of more than 5%, placing it over 13% below its recent peak. Financial markets define a correction as a decline of at least 10% from a recent high; the Nikkei officially entered this territory after falling more than 10% from the record closing high reached on June 25. Taiwan’s stock market experienced its worst day since the introduction of the “Liberation Day” tariffs by U.S. Meanwhile, China’s blue-chip index fell by 4%. In Hong Kong, the Hang Seng index dropped 2.5%, while the Hang Seng Tech index saw a 5% decline, marking its sharpest drop since April 2025.

The Role of AI Speculation and Leverage

Analysts attribute the volatility to a combination of profit-taking and growing skepticism regarding the “AI bubble.” Johan Javeus, a senior economist at SEB in Stockholm, noted that the sell-off is likely driven by investors realizing gains on AI-related stocks amid recurring doubts about the sector’s long-term valuation. The situation has been exacerbated by retail investors who used borrowed capital to trade on AI-sector rallies. Fabien Yip, a market analyst at IG, warned that the liquidation of these leveraged positions is intensifying the decline.

Catalysts and Market Sentiment

Kei Okamura, a portfolio manager at Neuberger Berman in Tokyo, identified the U.S. Federal Reserve as a potential primary trigger for the instability. According to Okamura, comments made by Kevin Warsh regarding a shift toward a more aggressive Fed policy created a cascading effect that prompted investors to reduce their equity exposure. Additional factors weighing on sentiment include: * SpaceX Performance: The poor performance of the SpaceX initial public offering (IPO) has increased investor nervousness, with shares trading below their offer price. * SOX Index Adjustment: Takamasa Ikeda of GCI Asset Management noted that the Nikkei is closely linked to the SOX index, which tracks major U.S. semiconductor companies. He explained that the pace of growth in the SOX index was unsustainable, making a correction inevitable, even if it arrived sooner than the market anticipated. * Macroeconomic Pressures: Rising bond yields are reducing the relative attractiveness of stocks, while investors are shifting toward gold and silver despite recent losses in those assets.

Future Outlook and Market Stability

However, caution remains high. Fabien Yip warned that if the selling wave continues through the U.S. session, the reopening of the South Korean market—which was closed for a holiday on Friday—could be quite disastrous. South Korean authorities had already announced measures to curb volatility, including a temporary ban on new AI-related ETFs and higher deposit requirements for retail investors.