Broadcom Forecast Miss Sends Asian Stocks Lower

BAGHDAD, Iraq — Asian stock markets fell Friday after Broadcom issued revenue guidance that fell short of expectations, renewing concerns about the sustainability of artificial intelligence sector investments. The company's weaker-than-expected forecast for the third quarter triggered selling pressure that spread from the Nasdaq across the Asia-Pacific region. South Korea's main index dropped nearly 7 percent, while Japan's Nikkei shed more than 1 percent. Tech-heavy indexes in Seoul and Tokyo bore the brunt of the sell-off. Investors also weighed SpaceX's planned $75 billion initial public offering next week. Losses were recorded in Hong Kong, Sydney, Singapore and Taipei. Indonesian markets extended declines amid economic concerns and currency weakness. The rupiah lost value against the dollar during the session.