FirstFT: Chip stocks sink as AI sell-off intensifies

Chip stocks have declined further as the AI sell-off intensifies. Simultaneously, oil prices jumped following an attempted surprise attack by Iran on US forces. Analysts at ING warned that this complicates de-escalation in the Persian Gulf, increasing risks of prolonged supply disruptions. Reports indicate the Jazan refinery in Saudi Arabia shut down after Houthi attacks, potentially tightening the refined products market, which is already facing disruptions from Russia and the Persian Gulf region.