Global stocks fall as AI spending doubts and rate fears hit tech

Global equity markets fell on Thursday as investor concerns over artificial intelligence spending and higher interest rates triggered a continued sell-off in technology and chip stocks, with the Nasdaq and semiconductor index declining. The Philadelphia SE Semiconductor index dropped 2 per cent, while South Korea's KOSPI plunged nearly 8 per cent and Japan's Nikkei 225 fell almost 5 per cent. Investors question the sustainability of AI demand and data-centre spending, compounded by higher funding costs. The FTSE 100 outperformed peers, rising 1.1 per cent to 10,840, as investors shifted away from tech. Dublin-listed Kenmare Resources rose 3.7 per cent despite cutting production forecasts, while Ryanair gained 1.5 per cent on lower oil prices.