In "Learning to Fly", Tom Petty sang that what goes up must come down. For AI-related stocks, that looks a lot less like a lyric than a trading pattern.
South Korea's tech-heavy KOSPI shed 4% in Asia on Thursday after surging nearly 6% the previous day. Japan's Nikkei similarly slumped 1.6%, following a 3.66% jump. Taiwan's benchmark was roughly flat after a nearly 2.9% gain.
A board displays gas prices amid the ongoing conflict with US-Israeli conflict with Iran, in Washington D.C., U.S., March 15, 2026. REUTERS/Aaron Schwartz/File Photo
Those moves tracked losses in Wall Street peers as Elon Musk-led AI and satellite company SpaceX and U.S.-listed chipmaker Advanced Micro Devices saw their shares tumble on recurring concerns about massive AI spending.
A similar on-again, off-again theme is playing out in efforts to end the U.S. conflict with Iran. Reuters reported a proposed dealbetween Iran and Oman could give Tehran control over inbound traffic through the Strait of Hormuz, a crucial route for global energy supplies.
There was no immediate U.S. reaction to the proposal. And while U.S. President Donald Trump said a deal to reopen the strait was imminent, U.S. officials have repeatedly insisted they would never agree to Iran controlling access to the strait.
Graphics are produced by Reuters
Oil holds below $80
Oil prices traded in the $70-a-barrel range, with Brent crude futures rising 0.45% to $79.81 a barrel and U.S. crude edging 0.31% higher to $75.45 a barrel in the Asian session, with investors waiting for further developments.
Traders were also weighing the Federal Reserve's likely rate path ahead of Friday's closely watched nonfarm payrolls report.
Wednesday's ADP private employment report showed U.S. private-sector job growth slowed in July from June and missed market expectations. An Institute for Supply Management survey pointed to solid growth in the services sector, but also rising input costs that could keep inflation elevated.
Key developments that could influence markets on Thursday:
Economic events:
Germany: Industrial orders for June
U.S.: Jobless claims
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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