Tech shares tumble worldwide as AI chip optimism fades and Airbnb CEO’s account is hacked
Global equity markets slumped, led by tech stocks, after disappointing earnings from TSMC and Netflix and concerns over AI-chip spending, while Airbnb CEO Brian Chesky’s X account was compromised in an AI-generated post hack.
Equity markets around the world experienced a sharp decline, with tech-heavy indices such as one outlet 225 and South Korea’s KOSPI falling sharply after TSMC and Netflix delivered earnings below expectations. Chipmakers including Intel, Micron, AMD and Marvell also slipped, reflecting investor scepticism that AI chip demand is overbought. The downturn was compounded by mid-$80 oil prices, persistent inflation concerns and fears of future rate hikes.
In a separate incident, Airbnb co-founder and CEO Brian Chesky’s X account was hijacked, posting AI-detected, crypto-focused messages that were later removed after the platform restored his access. Analysts at Apollo Global Management warned that if hyperscalers cut data-center spending, the resulting capex shortfall could drag the broader economy toward recession. UBS Wealth Management, however, remains optimistic about the S&P 500’s year-end trajectory, citing a shift toward fundamentals over headlines.
