Sharp drops for AI stocks overwhelm markets worldwide as oil prices jump

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• If the AI Bubble Bursts, These Stocks Will Be Winners

  AI-linked stocks fell again: CoreWeave dropped to its lowest level since shortly after its IPO as its bond yields reached as high as 15%, the Nasdaq Composite fell 2.6% on Thursday, and Meta tumbled 7% despite strong earnings after posting its first quarter of negative free cash flow in its history amid surging AI infrastructure spending. The 10-year yield fell 3.8% to 4.95%, its first time below 5% in a month, and is down 7% over two weeks, which may reflect a shift from stocks into bonds. Homebuilder stocks rose, with the State Street SPDR S&P Homebuilders ETF (XHB) up 3.8%, and Pool Corporation, RH, and Lennar gaining 14.4%, 9.5%, and 9%. Investors now see a 93% chance the Fed holds rates at 375-400 basis points, after weak September jobs growth and cooler-than-expected August PCE inflation. The author sees this as another sign that investors are looking for the next set of winners after AI.

  Yahoo Finance·23/10, 05:50▼ NVDA
• Nasdaq Drops 2 . 6 % as Gold Falls and Fed Hike Looms | Global Economy , Oct 23

  The Nasdaq Composite fell 2.60% to 26,009 and the S&P 500 lost 1.21% to 7,663, with technology shares leading the decline, while the Dow edged up 0.02% to 52,868. Gold dropped 2.47% to US$4,024 an ounce as the 10-year Treasury yield fell 17 basis points to 4.957%, and the VIX jumped 14.09% to 19.03. Markets expect the Fed to hold at 3.75%–4.00% at its October 27–28 meeting, though Goldman Sachs and J.P. Morgan forecast a quarter-point rise in December, and Polymarket traders put a 93.5% chance on no change. French 10-year borrowing costs closed above 5% on October 21 and 22 (5.08% on Thursday), the highest close since July 2002, while Moody's was scheduled to review France's Aa3 rating today.

  riotimesonline.com·23/10, 05:00▼ QQQ▼ NVDA▼ SPY▼ AAPL
• investingLive Asia - Pacific market news : Asian stocks slide as chip rout spreadsinvestinglive.com·23/10, 05:00▼ NVDA▼ QQQ▼ SPY
• Asian shares wobble as tech rout boosts bonds , dents rate hike bets

  Asian shares fell as a tech sell-off hit markets: MSCI's Asia-Pacific index excluding Japan dropped 0.3% on Friday, for a 2.7% weekly loss and a fourth straight weekly decline, with Japan's Nikkei down 1.3% and South Korea's KOSPI down 1.7%. On Wall Street, the Nasdaq fell more than 2%, and Meta shares lost nearly 8% after the company posted its first cash outflow in over a decade due to AI-related spending. Money flowed into US Treasuries, pushing the 10-year yield down more than 19 basis points to 4.9591%, below the 5% level. The implied probability of a December Fed rate hike fell to 85%, while Brent oil hit a five-month peak of US$114 a barrel. Gold was flat at US$4,021.99 an ounce after a nearly 3% overnight drop, failing to attract safe-haven demand.

  freemalaysiatoday.com·23/10, 05:00▼ NVDA▼ QQQ▼ AMZN▼ DXY
• Asian shares slip as sharp drops for AI stocks overwhelm markets worldwide and oil prices jumpdailygazette.com·23/10, 05:00▼ NVDA▼ QQQ▼ SPY▼ VNINDEX
• Asian shares slip as sharp drops for AI stocks overwhelm markets worldwide and oil prices jump – Winnipeg Free Press

  Asian shares mostly fell after a fresh slump in artificial-intelligence stocks weighed on markets worldwide, while oil prices rose to their highest since May on worries about the war with Iran. Tokyo's Nikkei 225 lost 1.7% to 61,825.26, South Korea's Kospi fell 2.4%, and Hong Kong's Hang Seng gained 0.2%. On Thursday, the S&P 500 fell 1.2% and the Nasdaq composite tumbled 2.6%, though most U.S. stocks rose. Nvidia dropped 4.4% and CoreWeave fell 10.1% over debt worries, while the 10-year Treasury yield eased to 4.97% from 5.13%.

  winnipegfreepress.com·23/10, 05:00▼ NVDA▼ QQQ▼ AMZN▼ GOOGL

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Latest news

• Financial System Report (October 2026)

  The Bank of Japan's October 2026 Financial System Report assesses that the system remains broadly stable: banks have enough capital and stable funding to withstand a global financial crisis-level stress or a compound shock of higher oil prices, weaker AI expectations and a sharp rise in interest rates. Close monitoring is warranted for the Middle East, the profitability and financing of AI investment, and foreign non-bank financial intermediaries (NBFIs). Stock prices remain above trend, though P/E ratios are broadly around their average levels since 2008 as expected earnings rise. Longer term, declining loan demand from population decline could weaken bank profits and loss-absorbing capacity, raising the risk of either contraction or overheating in lending. The report also examines the effects of energy and raw material prices and rate hikes on SMEs and households, and cybersecurity threats from frontier AI.

  Bank of Japan·23/10, 06:00
• Alkane Resources - Quarterly Report - September 2026

  Alkane Resources' quarterly report for the September 2026 quarter (Q1 FY27) shows gold-equivalent production of 40,740 AuEq oz at an AISC of $2,805/AuEq oz, with mine operating cash flow of $102 million and gold-equivalent sales of 38,348 oz generating $206 million in revenue at an average gold price of $5,128/oz. The company reaffirmed FY27 production guidance of 163-177koz gold equivalent at an AISC of $2,900-$3,200 per ounce. Cash, bullion and listed investments totalled $459 million after $13 million in income tax payments, with final FY26 income tax payments of $55-60 million expected in the December quarter. Alkane paid its maiden fully franked dividend of 2 cents per share and approved a $50 million buyback in September 2026. CEO Nic Earner said AISC came in below the full-year cost guidance range.

  saultstar.com·23/10, 05:30
• SSI forecasts when PNJ's profit will return to the VND 1,000 billion mark

  SSI forecasts PNJ's net revenue at VND 39,100 billion in 2026, VND 43,400 billion in 2027 and VND 57,700 billion in 2029, while after-tax profit is forecast at minus VND 6,300 billion in 2026, rising to VND 1,200 billion in 2028. The company holds large inventory, with diamonds making up 52%, and may need to set aside additional provisions for inventory write-downs if gold prices fall. Under SSI's estimated scenario, PNJ's additional repurchase obligation could be about VND 16,800 billion; to ease short-term liquidity pressure, the company plans to issue up to 550 million shares to raise VND 8,000 billion. Preliminary Q3/2026 results show a net loss of VND 258 billion, compared with a profit of VND 496 billion a year earlier. SSI continues to keep PNJ's stock at “Under review”.

  CafeF·23/10, 05:17▲ PNJPNJgoldearnings
• Ethereum delays Glamsterdam Hoodi testnet launch over security risks

  Ethereum has postponed the Glamsterdam upgrade on the Hoodi testnet, originally scheduled for Oct. 26, so developers can examine how EIP-8037 and EIP-8038 interact with deployed smart contracts. ChainSecurity warned that the two proposals could weaken safeguards against insufficient gas griefing, potentially letting contracts permanently record failed operations and blocking otherwise valid user actions. The firm said it identified 13 real-world examples of potentially affected contracts and is coordinating responsible disclosure with the projects involved, without naming them. Security researcher pcaversaccio called the risks “serious” in an Oct. 21 GitHub comment and urged a reassessment of the hard fork. The mainnet timeline, which developers had been considering for early December, is now uncertain.

  Cointelegraph·23/10, 05:09▼ ETH/USDTETHUSDTcryptocybersecurity
• Proposed 0.2% tax on idle land and land left unused or slow to be put to use

  On the morning of October 23, the National Assembly heard the government's proposal and the review report on draft amendments to several tax laws, including the Law on Non-Agricultural Land Use Tax. The government proposes a 0.2% tax rate, with no area limit, for idle land and land that is not or is slowly being put to use, to institutionalize Resolution 21-NQ/TW. The Economic and Financial Committee agrees in principle but says the proposal conflicts with the current law, which applies 0.15% to unused land, and with the draft amended Land Law. It warns of possible double financial obligations for investment projects that leave land unused or slow to use it, and asks the drafting agency to clarify the basis, timeline and relationship with land use fees and land rental payments.

  CafeF·23/10, 05:06taxesreal estateVietnam
• Pony.ai partners with inDrive, Nvidia to launch robotaxis in Kazakhstan

  Pony.ai said it will work with Nvidia and inDrive to explore autonomous ride-hailing services, with Kazakhstan as the first test market. The three companies plan to launch robotaxis in Astana using Pony.ai's seventh-generation vehicles, following an agreement with the Kazakh government; Kazakhstan was chosen for its regulatory readiness after creating its first structured legal framework for driverless transport. Pony.ai will provide the Gen-7 robotaxis, inDrive will provide the ride-hailing platform and run the service, and Nvidia will support the project with AI infrastructure. The partners will assess the technical, operational, regulatory and commercial feasibility of offering level 4-ready autonomous vehicles to riders through the inDrive app. Pony.ai's shares rose 2.8% in Hong Kong trade after the announcement.

  Yahoo Finance·23/10, 05:05artificial intelligenceNvidiaself-driving cars