Alimentation Couche-Tard reported fiscal 2024 fourth-quarter results, benefiting from sharp oil-price swings tied to the war in Iran. Its U.S. gasoline gross margin reached 52.44 cents a gallon, up 9.17 cents from a year earlier and the highest level in more than five years. The margin was well above the industry average of 35 cents a gallon for the period. Quarterly net profit doubled year over year to $863.4 million.

Global technology stocks extended losses for a second session, with the Nasdaq falling more than 2% and the S&P 500 down 1.6%. Micron Technology tumbled more than 11%, while semiconductor shares in South Korea and Japan also sold off sharply. Investors have focused on surging AI-related compute costs and tighter memory-chip supply that has pushed prices higher, alongside hawkish signals from the U.S. Federal Reserve that have revived expectations for two rate hikes this year. A U.S. waiver of sanctions on Iranian oil and petrochemical exports has also stirred concerns about renewed energy-driven inflation, though it has not disrupted supply, according to ANI.

Trading in South Korea’s KOSPI was suspended, while SpaceX suffered a roughly $400 billion one-day loss in market value, stoking broader concerns that AI-driven valuations are deflating. KOSPI heavyweights such as Samsung Electronics and SK Hynix, which had surged on expectations of booming demand for high-bandwidth memory (HBM) chips for AI servers, also pulled back sharply. Experts cited in the report said market enthusiasm around AI appears to have peaked, drawing comparisons to the 2000 dot-com bubble. The episode was described as a sudden, index-level shock rather than routine market volatility.

AI chip stocks saw heavy selling globally, with South Korea’s SK Hynix and Samsung Electronics falling more than 12% in a single session, triggering forced liquidations and a wave of leveraged ETF selling. U.S. semiconductors also sank, with the SOXX ETF down more than 7% and SanDisk down more than 12%, Micron off more than 11%, and ARM down more than 7%. A strong U.S. manufacturing PMI print failed to lift sentiment. Markets are focusing on whether AI-related asset valuations can remain sustainable.

Korn Ferry (NYSE: KFY) reported fourth-quarter results that topped expectations, with earnings of $1.40 per share versus forecasts of $1.38. Revenue came in at $768.256 million, above estimates of $743.340 million. The company operates in human resources and professional services, and the beat points to steady demand for hiring and organizational consulting. The declines in major stock indexes and commodities cited in the report reflect broader market performance and are not presented as directly caused by KFY’s earnings.

The Five Eyes intelligence alliance said frontier AI models could outstrip current cybersecurity defenses within months, urging governments and businesses to accelerate preparations. After highlighting the risks of AI-enhanced hacking, the agencies said organizations should modernize systems, limit access to critical infrastructure and incorporate AI tools into security operations. Anthropic then suspended external access to Mythos 5 and a restricted version, Fable 5, to comply with a U.S. national security order that bars foreign nationals from using the models. The move underscores a shift from broad AI governance principles to direct, operational intervention in a rare instance of urgent enforcement in the sector.

U.S. tech shares slid sharply at the open, pushing the Nasdaq down 2.21% and the S&P 500 lower by 1.54%. Chip stocks led losses amid a global selloff, with SK Hynix down more than 12% and U.S. names including Micron, AMD, Intel and Qualcomm also under pressure. Analysts said investors are growing concerned that the AI investment boom may be overheating.

Global markets fell on Tuesday as technology stocks led declines, with Nasdaq futures down more than 2.5% and SpaceX extending premarket losses. Meta, Alphabet and Microsoft also slid, while major European and Asian indexes weakened and South Korea’s KOSPI posted a 10% one-day plunge. U.S. Treasury yields rose to elevated levels as markets nearly fully priced a September rate hike, pushing the dollar index to a one-year high. Brent crude stayed below $80 a barrel, but the policy impact of energy prices continued to weigh on risk assets.