Asian stocks mostly fall as AI worries pressure tech

Asian stocks mostly fell on Thursday as technology shares came under renewed pressure after a four-day rebound, with Seoul and Tokyo hit by selling in chip-related names.

Around 0230 GMT, Seoul's Kospi was down 4.5% after dropping more than 5% earlier, with SK hynix and Samsung leading the losses. Tokyo's Nikkei 225 fell 1.6%, while Hong Kong's Hang Seng dropped 2.0%. Shanghai's Composite was up 0.2%, and Sydney and Singapore also rose.

The pullback followed a technology retreat on Wall Street and disappointing earnings from US companies SanDisk and Western Digital, which revived concerns about returns from artificial intelligence spending. A recent recovery had begun after a month-long technology sell-off, with Seoul gaining almost 18% late last week and SK hynix and Samsung rising more than 25%.

Oil prices edged higher. West Texas Intermediate was up 0.7% at $75.71 a barrel and Brent was up 0.7% at $80.00.

Iran said it had agreed a route with Oman for ships using the Strait of Hormuz and was finalising arrangements to jointly manage it. Iranian state news agency IRNA quoted Foreign Ministry spokesman Esmaeil Baqaei as saying factors making the strait insecure still existed, particularly what he called the United States naval blockade and other actions against Iran and its interests.

Investors were also awaiting key US jobs data due Friday as the Federal Reserve considers its next moves on borrowing costs.