Search & fact check with cited sources for What key developments occurred on July 28, 2026, regarding the global technology stock selloff, the AI investment boom, and Fitch's warning about a potential market correction as a major credit risk?

On July 28, 2026, three closely interlocking developments unfolded: a deepening global selloff in technology and semiconductor stocks driven by doubts about AI spending sustainability, and Fitch Ratings issuing a formal warning that an AI market correction is emerging as a major global credit risk.

Key developments on July 28, 2026:

• Global technology stock selloff deepens. Asian markets slumped, led by chipmakers, on unease about the massive funding demands of the AI boom . South Korea's Kospi index plunged nearly 11% on heavy semiconductor selling . The tech-heavy Nasdaq 100 continued falling, and the broader selloff was described by one outlet as a "Black Tuesday" for global chip stocks . The slide was compounded by signs of China's progress in advanced chipmaking, fueling fears about competition and the sustainability of AI spending .

• Broad market impact mixed but tech-led. The S&P 500 finished flat (+0.02%), the Nasdaq slipped 0.18%, and the Dow gained 0.51%, as lower oil prices helped blue chips while semiconductors stayed under heavy pressure . U.S. chipmakers like Micron Technology sank more than 7%, while Nvidia shares also fell sharply .