Chip rout deepens as Big Tech earnings loom

A deepening rout in chip stocks has spooked global markets, with South Korea's KOSPI plunging 12% and triggering a trading halt, despite blockbuster earnings from SK Hynix. Investor anxiety over AI risk intensifies ahead of Big Tech earnings from Meta and Microsoft, which will test the AI trade. Oil prices surged after the U.S. intercepted Iranian missiles, adding to inflationary concerns as the Fed prepares a policy decision.