AI stocks under pressure from worries over expensive borrowing

AI stocks, at the centre of market action in recent months, are under pressure from worries that construction of data centres may slow as it is becoming increasingly expensive to borrow money.

The tech index plunged 200 points, or 5 percent, to 3,793 while the Chia enterprises index fell 254 points, or 3.2 percent, to 7,689.

In Hong Kong, the benchmark Hang Seng Index dived 717 points, or 3.03 percent, to 22,934 on turnover of HK$256.05 billion.