January 28, 2025 9:18 AM

China’s AI drive hammers global tech stocks

U.S. stock futures steadied, the dollar ticked higher and tech stocks in Asia slid on Tuesday following a wave of selling as apparent advances by a Chinese AI startup cast doubt on U.S. dominance and spending in one of the market's hottest sectors. Overnight, chipmaker Nvidia dived 17%, wiping off nearly $593 billion in the biggest market capitalisation loss in history. "We are on the front edge of an urgent re-evaluation of a narrative that has gripped the market for almost two years. Tha...