Before the U.S. stock market opened, SK Hynix rose by 5.5%, Sandisk by 2.8%, and Micron Technology by 2.62%. Western Digital fell by about 3% after the company announced its financial results for the first quarter. Nasdaq 100 index futures rebounded slightly by 0.2%, following the index's worst single-day decline since June of this year. Meanwhile, rising oil prices complicate the inflation outlook, and investors remain cautious.

This round of volatility in tech stocks has had a clear rotational effect on asset allocation: Investors have shifted their funds to safe-haven assets such as U.S. Treasury bonds. On Thursday, the yield on 10-year U.S. Treasuries plummeted by 17 basis points, marking the largest one-day increase in over two years; oil prices continued to be strong, with Brent crude rising another 1% to $114.35 per barrel. The attack on Saudi Arabia has exacerbated the risk of supply disruptions in the Middle East, leading to a third consecutive week of increases in crude oil prices.

Bank J Safra Sarasin's Wolf von Rotberg indicates that 'only when the largest US cloud computing providers can prove that their soaring AI revenues are sufficient to support the current scale of construction, can the stock market truly stabilize. There are increasingly clear signs of pressure in the credit market, and the willingness of the market to finance additional capital expenditures is declining.'

Before the U.S. market opened, SK Hynix rose by 5.5%, SanDisk by 2.8%, and Micron Technology by 2.62%. Western Digital fell by about 3% after the company released its financial report for the first quarter. The Nikkei 225 index closed down 214.68 points, or 0.34%, at 62,693.16 points. South Korea's KOSPI index closed up 16.53 points, or 0.3%, at 5,550.3 points. SK Hynix closed up 4.41%, and Samsung Electronics rose 0.46%. The yield on 10-year U.S. Treasury bonds rebounded slightly by 2 basis points to 4.97%. Japan's 10-year yield decreased by 9 basis points to 2.780%. The Japanese yen traded at around 156.88 per U.S. dollar. West Texas Intermediate crude oil rose 0.9% to $100.32 per barrel.

Risk aversion sentiment eases, and U.S. Treasury yields rebound

On the previous trading day, safe-haven buying drove the yield on 10-year U.S. Treasury bonds to its largest one-day decline in over a year, but on Wednesday, that yield rose slightly, indicating that extreme safe-haven sentiment had eased. The pressure to sell French government bonds also eased.

Gold continued to correct, with prices falling towards the $4,000 per ounce mark, and is on track to record its worst weekly performance since June of this year.

The crude oil market has become another core variable of current macroeconomic uncertainty. Brent crude oil has reached its highest level since early May this year, and the ongoing rise in oil prices has made the prospects for inflation even more uncertain, further squeezing the room for a rebound in risky assets.

Asian markets recovered after declines, while European stocks closed slightly lower.

After experiencing a sharp decline, there are signs of a rebound in the Asian markets. The South Korean Composite Stock Price Index ( Kospi ) closed up 0.3%, after having fallen by 4.1% at one point during the session; Asian regional stock indices erased as much as 1.1% of their losses. In Europe, the Stoxx 600 index fell slightly by 0.2%.

Storage chip stocks showed mixed performance before the opening of the U.S. market. SK SK Hynix rose 5.5%, SanDisk rose 2.8%, and Micron Technology rose 2.62%; whereas Western Digital fell about 3% after releasing its first-quarter financial report.

Blackstone executives strongly support AI, stating that demand has grown “nearly parabolically”

As the market questions the investment returns of AI, Blackstone Group President Jon Gray voiced an opinion contrary to market sentiment. He stated that he does not believe there is a bubble in AI and described the current demand for AI as growing "nearly parabolic." He emphasized this stance during a Bloomberg TV program discussing AI investment strategies and Blackstone's third-quarter performance.

The debate surrounding whether the expenditures related to AI can generate sufficient returns is expected to continue to dominate market trends in the short term. This week's significant fluctuations indicate that investors' trust in tech giants' capital expenditure commitments has shifted from unconditional faith to a more rigorous scrutiny.