In the Asian stock market, MSCI’s broad Asia-Pacific index outside Japan dropped 0.46 percent, while Taiwan’s benchmark index gained 2.76 percent. Japan’s Nikkei 225 eased 0.21 percent, while South Korea’s Kospi dipped 0.23 percent. The Kospi, which had fallen as much as 4 percent earlier in the session, pared some of its losses as heavyweight memory chipmaker SK Hynix recovered after reports that the company plans to triple its wafer production capacity.

Semiconductor stocks have been among the biggest drags on technology shares this week, as investors took profits following a strong artificial intelligence-driven rally in May. The AI-fueled surge lost momentum in June amid growing concerns over whether companies can generate sufficient long-term returns to justify massive investments in the sector.

Adding to those concerns, reports on Wednesday said OpenAI is considering significant price cuts for its products as competition from rival Anthropic intensifies. The move could further pressure revenues at a company that remains heavily loss-making.

Hong Kong’s Hang Seng Index underperformed regional peers, declining 1.23 percent. The benchmark was weighed down by losses in major technology stocks, with Alibaba Group falling nearly 6 percent amid renewed concerns about its artificial intelligence growth prospects.