**Market Brief: Tech Rout Hits Asia, Gold Surges** **Global Tech Sell-Off Deepens** Asian equity markets are trading lower today, February 5, mirroring a sharp sell-off on Wall Street. The negative sentiment is driven by deepening concerns over bloated tech valuations and skyrocketing artificial intelligence (AI) spending. * **US Context:** The Nasdaq Composite slid **1.5%** and the S&P 500 fell **0.5%** in the previous session. * **Sector Rotation:** Investors are fleeing high-growth tech stocks for defensive sectors, pushing the Dow Jones Industrial Average up **0.5%**. **Tech Giants Under Pressure** Despite beating revenue and earnings expectations, **Alphabet (Google)** shares dipped in after-hours trading. The market was rattled by the company's aggressive capital expenditure guidance—projecting **$175–$185 billion** in spending for 2026, largely for AI infrastructure. * **Chip Sector Hit:** Semiconductor sentiment soured after **AMD** plunged approximately **17%**, triggered by a quarterly forecast that missed elevated Wall Street expectations. * **Broad Impact:** This volatility has spread to major Asian tech constituents, weighing heavily on regional indices. **Regional Spotlight: South Korea** South Korea’s **Kospi** index is leading regional losses, trading down roughly **2%** at the 5,255 level. The decline follows a period of extreme volatility, snapping a recent rebound as foreign investors offload semiconductor and internet heavyweights. **Commodities: Gold Shines, Silver Stumbles** Precious metals are showing a sharp divergence in performance: * **Gold:** The yellow metal is rallying strongly as a safe-haven asset. In local markets like India, prices surged by over **₹5,500 per 10g**, driven by renewed global buying interest. * **Silver:** Conversely, silver is facing intense volatility. Futures on the MCX hit a lower circuit, trading at a significant discount to physical rates, highlighting a liquidity disconnect and fragile sentiment compared to gold. **Key Takeaway** The "AI trade" is facing its sternest test yet. While earnings remain strong, the market is punishing companies for massive spending plans without immediate returns, prompting a rotation into safer assets like value stocks and gold. *** **