War dampens tech euphoria, St at the tail end of the list after big US declines
Samsung and Sk also hurt, electricity cost worries
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(Il Sole 24 Ore Radiocor) - The war in the Middle East also dulled the euphoria for artificial intelligence and led to widespread selling on global stock markets. At Piazza Affari, Stmicroelectronics with today's drop, is down around 6% in the last two March sessions (+21% since the start of the year). The trend came from overseas, with the US giant's Micron Technology and Nvidia Corp slipping to levels not seen since mid-July. The chip giant's stock is in bearish territory, having lost more than 22 per cent from the intraday high reached on 29 October.
Losses also for Samsung Electronics (-5%) and SK Hynix (-2.8%) on the Korean stock exchange. The latter lost almost 8% in early trading. The high uncertainty over potential peace talks to end the US-Israel conflict against Iran is fuelling fears over global growth and rising energy costs, encouraging risk flight. Even technology stocks, after years of gains linked to the artificial intelligence boom, are not immune.
First and foremost, there are fears for a correction of investments by big tech such as Microsoft, Amazon, Alphabet and Meta, which before the outbreak of war in Iran had planned to spend around USD 635 billion in 2026 on data centres, chips and other AI-related infrastructure, according to a report by S&P Global. Moreover, data centres require huge amounts of electricity, making AI dependent on energy prices and infrastructure capacity. Therefore, soaring prices cannot fail to impact businesses and consumers.
