AI Investment Cut Fears Send Tech Index to Two-Year Low as Hang Seng Falls More Than 300 Points

On worries that tech firms will cut artificial intelligence investment, plus lingering concerns over the rate-hike cycle, Asian stock markets fell broadly. Hong Kong's Hang Seng Index dropped more than 1 per cent, down over 300 points, while the tech index hit a two-year low. South Korea's KOSPI fell nearly 4 per cent, dragged down by declines in SK Hynix and Samsung Electronics shares. Several AI-related recently listed stocks raised large sums through share placements after their lock-up periods expired, and subscribers who still hold the shares are all sitting on losses, with the first batch of Zhipu buyers losing up to about 70 per cent.