K-Drama on Tech Street: AI rout hits global markets

A sharp selloff in global tech stocks dragged major indices lower, with the Nasdaq 100 falling 2.5% and the S&P 500 declining 1.1%. The trigger was a 10% crash in South Korea's KOSPI index, where SK Hynix and Samsung Electronics plunged over 10% on reports that SK Hynix is slowing AI memory chip expansion and shifting to cheaper DRAM, raising AI demand concerns. Indian markets are likely to open weak, with Nifty IT stocks facing pressure from the global tech rout and AI capex worries.