AI stocks keep falling, while oil prices keep climbing

AI and chip stocks dragged global markets lower as concerns mount over whether surging valuations are sustainable amid questions about AI's profitability, with Asian indexes tumbling up to 6.5% in Taipei and 4% in Tokyo. Brent crude rose 3.9% to $87.48 as U.S. airstrikes on Iran raised fears about Strait of Hormuz oil shipments, adding inflationary pressure to an already shaky market.

Why it matters: Individual stock losers included Netflix (-6.8%) on weak revenue guidance, Intuitive Surgical (-12.6%) on slowing procedure growth, and SpaceX (-4.1%) after a failed Starship test, while Treasury yields eased and U.S. consumer sentiment unexpectedly improved.