According to CoinMeta, tech stocks were sold off due to the underperforming results of giants such as Amazon and Intel, which dampened market risk appetite, leading to weaker stock markets in emerging markets. The Morgan Stanley Capital International Emerging Markets Index fell 1.3% on Friday, with a decline of over 2% at one point during the session. Market concerns about massive capital expenditures in the AI sector, coupled with companies' underperforming results, put significant pressure on Asian stock markets, with those with a higher tech weighting leading the declines. As an important global indicator for AI trading, South Korea's Composite Stock Price Index fell 16% within the month. Citibank strategist Luis Costa pointed out in a report that emerging markets continue to face the interplay of macro factors such as oil prices, AI market sentiment, and the El Niño cycle, which may continue to dominate market trends. The Emerging Markets Currency Index fell 0.3%, showing weakness for the third consecutive day. The wave of selling off in tech stocks also boosted demand for safe-haven assets such as U.S. Treasuries.