Chinese and US stock markets suffered heavy technology-led losses as investors questioned inflated AI valuations and the viability of massive AI infrastructure spending. China's AI-heavy semiconductor and AI index plunged about 40 percent from a July peak, wiping out $480 billion in market value, while the broader CSI300 index posted its longest weekly losing streak. Meanwhile, Nasdaq Wall Street fell 2.9% on Friday, with about $2 trillion in market value wiped from the Nasdaq 100 during October. Semiconductor stocks were hit particularly hard, with Intel plunging nearly 29% following disappointing financial guidance. The global sell-off reflects growing concerns that tech companies are spending hundreds of billions on artificial intelligence development without generating sufficient returns, leading to widespread profit-taking and fears of a broader market correction.

Chinese and US stock markets suffered heavy technology-led losses as investors questioned inflated AI valuations and the viability of massive AI infrastructure spending. China's AI-heavy semiconductor and AI index plunged about 40 percent from a July peak, wiping out $480 billion in market value, while the broader CSI300 index posted its longest weekly losing streak. Meanwhile, Nasdaq Wall Street fell 2.9% on Friday, with about $2 trillion in market value wiped from the Nasdaq 100 during October. Semiconductor stocks were hit particularly hard, with Intel plunging nearly 29% following disappointing financial guidance. The global sell-off reflects growing concerns that tech companies are spending hundreds of billions on artificial intelligence development without generating sufficient returns, leading to widespread profit-taking and fears of a broader market correction.