Asia stocks slide as AI doubts deepen, Korean chips fall

Asian stocks fell on Thursday as mixed earnings from major U.S. technology companies failed to reassure investors about the returns on massive artificial intelligence investments, renewing pressure on semiconductor shares and Chinese equities.

Wall Street closed higher overnight. In Asian trade, Nasdaq 100 futures fell 1.7%, while S&P 500 futures dropped 0.9%, after Tesla shares declined 3.3% in after-hours trade following a cut to its capital-spending forecast.

Meta Platforms rose 2.2% after raising its AI spending outlook, while semiconductor equipment maker Lam Research fell 7.4% after issuing a weaker-than-expected earnings forecast.

Brent crude climbed 1.5% to above $110 a barrel after deadly attacks in Saudi Arabia heightened supply concerns, while risks to shipping around the Strait of Hormuz persisted despite a recent acceleration in exports through the waterway.

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