MORNING BID EUROPE-Chips jolted as momentum shifts in AI

Chip stocks tanked across Asia on Tuesday, spooked by the twin threats of rising Chinese competition and mounting questions about the funding and longevity of the AI infrastructure boom.

South Korea’s KOSPI fell nearly 10% and tripped a circuit breaker, and Japan’s Nikkei fell 4.4%. Both markets have done so well in the rally that they are still year-to-date leaders, though they now scrape multi-month lows.