Asian stock rout deepens on AI worries ahead of tech earnings

SINGAPORE: Asian stocks slid on Wednesday (Jul 29) extending a brutal selloff as anxiety about AI valuations, rising competition and spending rocked markets ahead of crucial earnings from big tech firms and a US Federal Reserve policy decision.Oil prices jumped after fresh attacks in the Middle East shattered the relative calm of recent days in the US-Iran war as investors fret about the impact of depleting supplies on prices and global rates. Asian chipmakers have been at the epicentre of this year's AI-driven rally and, more recently, investor concerns about its staying power, sparking sharp market swings. South Korea's KOSPI fell 5 per cent, reversing earlier gains after sinking more than 10 per cent to a three-month low on Tuesday, despite strong earnings from SK Hynix. Shares of SK Hy