Souring mood on tech weighing on Asian markets

Market Overview - Tech-heavy stock markets are experiencing significant declines, with the Nasdaq down 1.9% overnight and a 2.8% drop for the week, marking the largest weekly fall since March [1][2] - Japan's Nikkei index fell 1.8% in morning trade, leading to a weekly loss of 4.7%, while Seoul's Kospi dropped 1.4% for a 3.3% weekly decline, both the worst since late March [2] Sector Performance - Chip and cable manufacturers are among the biggest losers, with Softbank Group Corp down over 20% this week [3] - Bitcoin, often seen as a barometer for tech sentiment, has decreased by 8% this week, now priced at $101,092 [3] Company-Specific Developments - Meta's stock price fell sharply after announcing significant capital expenditures for AI-related data centers [4] - Palantir Technologies also saw its shares tumble despite beating earnings forecasts, indicating market concerns about profitability in the AI sector [4] Market Sentiment - There is a noticeable shift in market sentiment, with investors beginning to take profits as concerns about a potential bubble in AI stocks surface [4][5] - The S&P 500 closed 1.1% lower, and the Philadelphia SE Semiconductor index dropped 2.4% [5] Bond and Currency Markets - Bond markets rallied as investors sought safety, with 10-year US Treasury yields falling 6.4 basis points to 4.09% amid rising job cut announcements [6] - The dollar weakened against major currencies, slipping nearly 0.5% to $1.1546 per euro, while safe-haven currencies like the yen and Swiss franc also saw losses [7] Commodity Prices - Gold prices remained firm just below $4,000 an ounce, while Brent crude oil held steady at $63.64 a barrel [8]