The Nasdaq is headed for its worst weekly loss in more than a year, and the S&P 500 is on track for a fifth consecutive drop.
Similarly, after making history with the largest IPO ever, SpaceX stock has tumbled, and bonds it sold days ago are already sinking.
It wasn’t supposed to be like this. With the U.S. and Iran finally ending hostilities, the path looked clear for the AI boom to reach even greater heights as oil prices and bond yields fell.
In fact, South Korea’s high-flying Kospi stock index, which is dominated by AI darlings SK Hynix, and Samsung, set a new record just last week.
Since then, it’s crashed 10% and saw its fifth worst daily plunge on Tuesday, sparked by SK Hynix’s comments that it planned to slow down its AI memory business. Global stock indexes followed.
