: Shares across the world fell on Wednesday, pummelled by a drop in tech stocks after a record sell-off for U.S. chipmaker Nvidia and as expectations of fading global growth hit riskier assets, pushing oil prices to multi-month lows.
Wall Street closed sharply lower on Tuesday, with AI darling Nvidia , opens new tab sinking by a record $279 billion as investors checked their enthusiasm for artificial intelligence. Brent crude futures fell more than 1% to $72.86 a barrel while U.S. crude was down 1.4% at $69.38, both their lowest levels since December. They had fallen nearly 5% on Tuesday.
Asian tech stocks suffered, with Japanese chip-testing equipment maker Advantest , opens new tab, a supplier to Nvidia, down 7.7%. Taiwan’s TSMC , opens new tab fell more than 5%. Given the Federal Reserve’s labour market focus, Friday’s release could determine whether a rate cut expected this month will be regular or super-sized.