Finance

Chipmaker equities remained under intense selling pressure as investors reassessed steep artificial intelligence valuations and long-term earnings growth. Sentiment was further dampened by the release of a massive new artificial intelligence model from China's Moonshot AI, which claims to outperform prominent American platforms. Industry leaders like Nvidia, Intel, and Advanced Micro Devices posted significant declines as the broader semiconductor rout deepened.

Netflix shares fell over 7% following a weaker-than-anticipated revenue forecast for the third quarter. The platform's projection represents its smallest year-on-year growth rate since late 2023, exacerbating fears over slowing viewer engagement. Additionally, investor anxieties were heightened by Netflix's strategic decision to reduce reporting data transparency by transitioning its viewership reports to an annual release cadence.

Global energy benchmarks ticked upward as escalating military conflicts and airstrikes involving Iran generated severe macroeconomic concerns. Brent crude oil prices rose more than 4% as anxieties mounted over the potential closure of vital shipping lanes like the Strait of Hormuz. Economists warned that a prolonged regional conflict could jeopardize broader supply chains, particularly targeting natural gas inputs essential for global electronics production.