Asian stocks today: Markets trade in red amid AI concerns; Nikkei sheds over 400 points

Market Overview - Asian stocks experienced significant declines, with Hong Kong's HSI down 0.44% at 25,357, Nikkei dropping over 422 points to 49,089, and Kospi losing 1.39% to 3,999 [2][4] - The expectation for a year-end rally has diminished following the US Federal Reserve's indication of a potential pause in interest rate cuts [2][4] Technology Sector Concerns - There is growing skepticism regarding technology stocks, particularly fears that valuations may have exceeded fundamentals [2][4] - The technology and chipmaking sectors, which have driven this year's market rally, are facing scrutiny over the sustainability of earnings in light of heavy investments in AI [2][4] Company-Specific Developments - Private capital firm Blue Owl's withdrawal from Oracle's planned $10 billion data center has raised doubts about the project's future [3][4] - Oracle and Broadcom reported weaker-than-expected earnings, leading to a sharp decline in their stock prices, with Oracle shares falling over 5% [3][4] - The negative sentiment spread across the technology sector, impacting major companies such as Nvidia, Alphabet, and Advanced Micro Devices, contributing to a 1.8% drop in the Nasdaq and over 1% decline in the S&P 500 [3][4]