Tech Stocks Plunge as Doubts Over A.I. Spending Intensify

Technology stocks extended their losses on Thursday, dragged down by a sharp decline in semiconductor shares as investors grew concerned about how companies will finance their enormous artificial intelligence spending plans.The sell-off followed the S&P 500’s steepest daily decline in months on Wednesday, after data showed U.S.inflation running hotter than economists expected.South Korea’s benchmark KOSPI tumbled more than 7 percent, its seventh straight daily decline.

The market, which has shed about a fifth of its value over that period, has become a bellwether for the A.I.boom.

Shares in other major Asian markets fell sharply, European tech shares wobbled in early trading.Tech stocks are hit hard, again.In the United States, the tech-heavy Nasdaq was down more than 1 percent when trading began in New York.Shares of CoreWeave, a company that sells computing power to big A.I.

companies, extended its losses, down around 7.5 percent at the opening bell, after heavy losses the day before on its stock and bonds.Semiconductor stocks took a beating in Asia.In South Korea, SK Hynix plunged 11 percent and Samsung dropped more than 9 percent.

Taiwan’s TSMC slid 4 percent and Japan’s SoftBank, a major investor in artificial intelligence, dropped more than 9 percent.In Europe, chip makers and related companies suffered steep declines, with ASML, Infineon and STMicroelectronics all losing more than 5 percent in early trading.Bonds yields fall in choppy trading....