Oil prices plunged after Donald Trump hinted at a possible deal with Iran, dragging bond yields lower just as the Federal Reserve begins its latest policy meeting. But while falling oil prices offered temporary relief to broader markets, technology investors faced a fresh wave of bad news. China's memory chip giant CXMT made a blockbuster stock market debut, raising fears of lower memory chip prices and intensifying competition across the semiconductor industry. ASML came under pressure after reports that a Chinese rival has started producing advanced lithography tools, while renewed concerns over circular AI financing weighed heavily on Nvidia and the broader AI ecosystem. Rising CDS spreads for Nvidia, Oracle and other major AI spenders suggest investors are becoming increasingly worried about leverage, mounting debt and deteriorating free cash flow. As Microsoft, Amazon and Meta prepare to report earnings, the market's focus is shifting from AI optimism to the cost of funding the AI race.
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1:10 Oil prices retreat ahead of FOMC meeting
3:48 But tech selloff drives markets lower ahead of Big Tech earnings
