Live markets: Bitcoin slips to $63,000 as the chip rout goes global
Global markets are experiencing a downturn as semiconductor stocks decline, driven by investor skepticism regarding the long-term returns on AI infrastructure spending. Bitcoin has slipped to $63,000, caught between positive macro-economic inflation data and the broader selloff in the tech sector.
Why it matters
The volatility in chip stocks and crypto reflects growing investor anxiety over whether the massive capital expenditure in AI will translate into sustainable corporate profits.
Nasdaq 100 futures dropped 1.8% and S&P 500 contracts fell 0.9% as a semiconductor ETF slid 3% in premarket trading. Taiwanese stocks fell into a technical correction and Asia's main benchmark hit a two-month low. Europe held up better on lower tech exposure.
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