Global tech stocks slide as AI spending doubts hit markets

Global technology stocks fell sharply on Friday as disappointing earnings from major US firms intensified concerns about the profitability of massive AI investments, dragging markets worldwide into heavy losses. Microsoft, Alphabet, and Amazon all reported quarterly results this week, each pledging continued heavy spending on data centers and chips despite investor impatience. Together with Meta, these four companies are projected to spend over $700 billion on capital investment this year, roughly the size of Argentina's economy. Nvidia fell 4.2%, Micron 5.3%, and CoreWeave nearly 10%. The tech rout reversed earlier optimism from Anthropic's IPO filing. South Korea's Kospi dropped 3.5% and Tokyo's Nikkei fell 2.1%, while Hong Kong gained 1.5%. Oil prices rose about 2% on supply fears after Iran reported tanker mines in the Strait of Hormuz, with ExxonMobil profits doubling to $15.4 billion.