Global equities retreated as investors questioned stretched valuations across artificial-intelligence and chip names and weighed the prospect of higher funding costs tied to oil-market disruptions. The Nasdaq Composite fell 2.2% and the Nasdaq-100 slid more than 3.2%, while the S&P 500 lost 1.4% and the Dow edged lower. Semiconductor and memory shares led declines: Sandisk, Micron Technology and Arm dropped more than 10%, with Marvell, Analog Devices, Western Digital, Texas Instruments and Qualcomm off around 9%. Nvidia shed about 4%. In Asia, South Korea’s Kospi sank 10% as Samsung Electronics and SK Hynix tumbled over 12%. Europe’s Stoxx 600 slipped 0.8% and Germany’s DAX fell 1%, paced by losses in Infineon. SpaceX extended a volatile stretch after its recent U.S. debut; the stock briefly traded below its $150 opening price amid plans for a roughly $20 billion bond sale to fund AI ambitions, compounding steep value losses from last week’s peak. JPMorgan cited nerves ahead of Micron’s earnings, while Wedbush’s Dan Ives called the pullback another “gut check” in an AI cycle he still sees in early innings. Oil eased on talk of a U.S.-Iran truce but remained elevated as traffic through the Strait of Hormuz recovers slowly. Treasury yields dipped modestly.
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