WS #10743

The global tech selloff continues to escalate, with South Korea's Kospi sinking over 8% and triggering a trading halt, and SoftBank shares plunging 13% on OpenAI IPO delay reports. Apple suffered a 6% drop after price hikes, wiping out $250B in market cap. However, a significant counter-signal emerges from energy supply disruptions: Kazakhstan's Karachaganak field cut crude output by over 25% after a drone attack on a Russian processing plant, and an attack on a container vessel in the Strait of Hormuz has renewed fears about safe passage. European natural gas prices inched higher on the risk. The tech selloff narrative is ESCALATING, while the energy supply disruption is a new bullish catalyst for oil and energy stocks. Additionally, Italy's antitrust authority opened an investigation into Microsoft over 365 price hikes and AI integration, adding regulatory pressure to MSFT. The Thai central bank signaled no rate hikes, providing some emerging market stability. The dominant theme is tech selloff (ESCALATING) with energy supply disruption as a potential offset.