Stocks dip sharply lower as AI leaders call for industry slow down
Seoul stocks opened sharply lower Tuesday as investors sold off tech heavyweights following calls from artificial intelligence (AI) leaders that the AI industry should slow down. The benchmark Korea Composite Stock Price Index (KOSPI) was down 34.69 points, or 0.52 percent, to 6,649.68 as of 9:16 a.m. Overnight, stocks in the United States closed lower on a slump in tech stocks, as investors…
Seoul's stock market plunged sharply on Tuesday as investors dumped tech giants in response to AI industry leaders' calls for a slowdown in development. The Korea Composite Stock Price Index (KOSPI) fell 34.69 points, or 0.52 percent, to close at 6,649.68. In the United States, the S&P 500 and tech-heavy Nasdaq both declined by 0.48 percent and 0.56 percent respectively.
The concerning trend was further exacerbated by rising U.S. bond yields, nearing a pivotal 5 percent threshold. The market's reaction comes as investors closely monitor the upcoming decision from the U.S. Federal Reserve.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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