AI chip stocks are plunging around the world as doubts about big tech spending grow – but beneath the surface, a big shift is protecting investors.

Investor jitters over how long the artificial intelligence spending boom will last and concern over Chinese competition in chipmaking sent technology shares plunging Tuesday.

Chip stocks crater globally as KOSPI drops 10%, Nvidia falls 5%, and ASML slides 8.5%, raising questions about AI spending sustainability and