{"text":[[{"start":7.6,"text":"Global stocks fell on Tuesday, led by a retreat in Big Tech, as fears of higher US interest rates and a plunge in SpaceX shares soured sentiment towards a sector that has powered markets to records this year."}],[{"start":20.9,"text":"South Korea’s tech-heavy Kospi index tumbled 10 per cent, with chipmaker SK Hynix and memory chip group Samsung Electronics recording double-digit drops, as declines on Wall Street reverberated across Asian markets. "}],[{"start":35.95,"text":"In Europe, the benchmark Stoxx 600 index fell 0.8 per cent in early trading, with ASML, the chipmaker and the region’s biggest company by market value, down 4 per cent. "}],[{"start":48.25,"text":"The overnight drops in the US add to a bruising month for Big Tech, which has propelled markets higher this year but faces increasing investor concern over whether valuations have become too stretched. "}],[{"start":59.8,"text":"The Nasdaq Composite is down 3 per cent in June, snapping two months of hefty gains during which investors piled into the shares of companies tied to the AI boom. The Nasdaq closed down 1.3 per cent on Monday, with Alphabet, Amazon and Broadcom all sliding. "}],[{"start":76.9,"text":"Futures tracking the Nasdaq 100 pointed to a 2.2 per cent drop at the open in New York on Tuesday, while those for the S&P 500 were down 1.3 per cent."}],[{"start":87.5,"text":"Venu Krishna, head of US equities strategy at Barclays, said that “new concerns are emerging” for stocks, “as markets tangle with resurgent inflation, AI capex scales to unprecedented levels and a Fed rate path narrows more than before”."}],[{"start":103.35,"text":"SpaceX was the most spectacular casualty on Monday, with shares in Elon Musk’s satellite, rocket and AI company closing down 16 per cent at $154.60 and wiping $400bn from its market value."}],[{"start":118.85,"text":"The hit to SpaceX’s value ranks as the second-biggest one-day loss suffered by any company, according to FT analysis of Bloomberg data, eclipsed only by a drop in Nvidia shares in early 2025. "}],[{"start":132.29999999999998,"text":"SpaceX closed with a market capitalisation of $2.03tn, down from an intraday peak of almost $3tn on June 16."}],[{"start":140.54999999999998,"text":"Shares in SpaceX were down 2.5 per cent in pre-market trading on Tuesday. "}],[{"start":146.6,"text":"Despite Monday’s drop, the shares remain above the $135 they were sold at in the company’s record-breaking initial public offering this month."}],[{"start":155.75,"text":"The prospect that the Federal Reserve will raise interest rates to keep US inflation in check has deepened concerns over valuations, as bigger returns on “risk-free” US government debt reduce the appeal of owning highly valued equities."}],[{"start":170.5,"text":"SpaceX shares trade at more than 100 times the revenue the company generated last year."}],[{"start":175.9,"text":"The Fed, led by new chair Kevin Warsh, jolted investors last week by signalling that it was minded to raise rates to counter the inflation threat sparked by the Middle East conflict."}],[{"start":186.55,"text":"The yield on benchmark 10-year Treasuries has climbed 0.04 percentage points this month to 4.48 per cent. "}],[{"start":194.3,"text":"Geoffrey Yu, a senior strategist at BNY in London, said: “Fed expectations have changed and that just raises the bar for other assets to perform.” "}],[{"start":203.75,"text":"Mike Bell, head of market strategy at RBC BlueBay, said “tech stocks have enjoyed a phenomenal rally” but “when stocks have gone up so far, so fast, and there’s a lot of leverage and lots of retail money involved, it doesn’t take much to trigger sharp falls”."}],[{"start":225.55,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782204103_2677.mp3"}