Stock markets fall as concerns persist over tech firms at heart of AI boom

Drops follow sharp sell-off of US tech stock last week while oil prices seesaw after Iran and Israel exchange strikes Stock markets have fallen amid concern about the prospects for tech stocks, while oil prices have risen after renewed conflict in the Middle East dampened hopes that the strait of Hormuz would soon reopen. Markets in Asia and Europe fell on Monday after a sharp sell-off in US tech stocks late last week, as investors fretted over how firms at the forefront of the artificial intelligence boom would fund their “eye-watering” spending plans. Brent crude, the international benchmark for oil, rose by nearly 5% to $97.60 a barrel on Monday as Iran and Israel exchanged fire after an Israeli strike on Beirut. But Brent then fell back to $94.60 a barrel as Iran announced it was halting military operations against Israel, after Donald Trump called for both sides to “immediately stop shooting”. In Asia, a region heavily dependent on oil imports, stock markets dropped sharply on Monday. The South Korean Kospi index slumped by nearly 9% at one point, forcing trading to be briefly suspended. The fall was led by the chip makers Samsung Electronics and SK Hynix, whose share prices d