Tech stocks lead steep global sell-off as investors lose faith in AI chip trade

Tech stocks led a steep global sell-off as investors lost faith in the AI chip trade. An Apollo analyst warned that a hyperscaler pullback could push the economy into a recession, while Airbnb CEO Brian Chesky was targeted in an AI-related hacking incident. The U.S. is bombing civilian infrastructure in Iran, and government debt has surpassed levels seen during the Global Financial Crisis.