Asian Stocks Plunge on AI Doubts and US Inflation Worries

Asian stock markets plunged on Thursday as investor doubts about the artificial intelligence boom and US inflation concerns triggered a selloff, with South Korea's Kospi and Japan's Nikkei-225 indexes falling sharply. The Kospi dropped to 5,568 points, led by memory chip giants Samsung Electronics and SK Hynix losing over 8% and 10% respectively. The Nikkei-225 fell to 64,489 points, with chipmaker Kioxia down about 11%, while the broader Topix declined only 2.5% as retail, pharmaceutical, and transport sectors gained. Analysts say even strong results from Taiwan's TSMC, due later Thursday, may not restore confidence as good AI earnings are already priced in. The Nikkei could fall to around 60,000 points if foreign selling intensifies, a level last seen in May before the chip-driven rally.