Tech Stocks Slide as AI Concerns Deepen; Investors Shift to Bonds

Global stock markets came under pressure on Thursday, October 15, 2026, as a fresh wave of tech stock sell-offs intensified concerns over returns on heavy AI investments and pushed part of the capital toward bonds. Meanwhile, rising US inflation and the likelihood of continued monetary policies...

Global stock markets on Thursday, October 15, 2026, came under pressure from a fresh wave of selling in tech stocks; A wave that has exacerbated concerns about the return on heavy investments in artificial intelligence and pushed some funds into bonds. At the same time, the increase in US inflation and the possibility of continuation of contractionary monetary policies have complicated the outlook of the financial markets.

The sell-off in artificial intelligence stocks continued, and Nasdaq 100 futures fell about 1.2 percent.

South Korea's Kospi index fell nearly 8 percent, and Samsung and SK Hynix shares fell heavily.

The yield of ten-year US Treasury bonds reached about 5.09%; A level that keeps these bonds attractive for investors.

Despite the drop in tech stocks, TSMC's better-than-expected financial report showed that AI-related demand has not died down.

Sharp declines in semiconductor stocks in Asia, declines in major U.S. index futures and falling Treasury yields indicated that investors are simultaneously reevaluating the valuation of technology stocks and the appeal of less risky assets.

Why did technology stocks come under pressure?

The recent decline cannot be seen as just a short-term correction after previous growths. The main issue is growing doubts about the fit between technology companies' valuations and their future profitability. Over the past months, huge investments in AI infrastructure have created very high expectations; But now the market needs clearer evidence about the revenue, profit margin and economic return of these expenses.

In pre-opening US market trading, S&P 500 index futures fell by around 0.3% and Nasdaq 100 futures fell by nearly 1.2%. In Wednesday's trading, the Nasdaq Composite index fell by 1.9% and the S&P 500 index fell by 1.1%.

The shares of Corview also fell by 6% in pre-opening trading; This was despite the fact that the company's shares had fallen by nearly 15% the previous day, and its bonds also showed signs of increasing concern about the company's credit status.

Asian markets were hit hardest by the sell-off in tech stocks. South Korea's Kospi index fell around 7.6-7.9 percent, and shares of Samsung Electronics and SK Hynix, two major players in the memory industry, faced sharp price declines.

In Japan, the Nikkei 225 index fell by about 5 percent. Shares of tech investor Softbank fell nearly 9.4 percent, while Tokyo Electron and Kioxia also fell sharply. Taiwan's Tyx index also fell by 3.4%.

These developments are particularly important; Because the economies and stock markets of South Korea and Taiwan have significant dependence on the semiconductor supply chain. Any uncertainty about how fast AI spending will grow could put pressure on expectations for demand for chips, manufacturing equipment and advanced memory.

However, a financial report from TSMC, the world's largest contract chip maker, showed a profit that topped forecasts. The company's management also described the demand related to artificial intelligence as still very strong. This report reminds that the drop in stock price does not necessarily mean that the operational growth of companies stops; Rather, it can reflect the adjustment of overly optimistic expectations.

"In my opinion, the most important message of this fall is not the definite weakening of artificial intelligence, but the change in the value measurement criteria of companies active in this field. The market goes through the stage of rewarding growth narratives and gradually wants to prove the economic return of investments. In such an environment, firms with real competitive advantage, stable earnings, and capital discipline are likely to perform differently than firms whose valuations are based primarily on future expectations. However, transferring capital to bonds is not without risk; Because high inflation can erode real returns on nominal assets. Therefore, the professional approach at this juncture is neither a hasty exit from the technology nor buying unconditionally in falling prices, but separating companies with strong financial foundations from businesses that have yet to prove their ability to turn the heavy costs of artificial intelligence into sustainable profits.

American inflation and the return of attention to bonds

Another important factor is the increase in inflationary pressures in America. According to the published report, the consumer price index increased by 3.7% in September compared to the previous year; A figure higher than the 3.4% growth in August and more than expected by economists.

Rising inflation reinforces the likelihood of continued tighter monetary policy and could keep the cost of corporate financing high. Such a situation will be particularly unfavorable for growth-oriented companies, where an important part of their value depends on the expected profits in the coming years.

Meanwhile, the 10-year US Treasury bond yield fell by around 10 basis points to 5.09 percent. A drop in yield means an increase in the price of existing bonds and shows that some investors have returned to the debt market after recent jumps in yields. However, the attractiveness of bonds should not be evaluated without regard to inflation. A high nominal return does not necessarily translate into a favorable real return if price increases are sustained.

Markets are going through a phase where simply being in the AI space is not enough to justify high valuations. Investors now pay more attention to the quality of earnings, profit margins, cost of capital, and the ability of companies to turn technology growth into sustainable cash flow. At the same time, high inflation and significant bond yields have intensified the competition between growth stocks and fixed income assets.

However, the fall in tech stocks alone does not prove that the AI investment cycle is over. TSMC's report shows that real demand could still be strong; But the gap between the operational performance of companies and market expectations has become one of the most important sources of volatility.

Artificial intelligence has been used to translate some parts of this report.