Asian shares falter on global tech selloff

Asian stocks faltered as concerns about the exploding costs of AI investment hounded the tech sector, though Wall Street futures were trying to make a comeback as chip providers gained.

Google parent Alphabet reported solid results after the bell, but it was targeting capital expenditure of $175 billion to $185 billion this year, sharply above analysts' estimates. Shares swung wildly - down over 6% at one point -before settling just 0.4% lower after-hours.

Investors have been rotating out of technology giants and into cyclical stocks amid fears of AI disruptions to jobs. 

The recent selloff, triggered by a new legal tool from Anthropic's Claude large language model, has wiped out about $830 billion in market value since Jan 28.

Disappointing earnings results from Advanced Micro Devices didn't help either, with the chipmaker tumbling 17% overnight.

The demand for more equipment spending helped chip giant Nvidia rally almost 2% after the bell, partially reversing a 3.4% tumble overnight. That likely lifted Nasdaq futures 0.6% and S&P 500 0.4%.    �"Reuters