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A sell-off in global technology hardware and AI-linked stocks intensified, with SK Hynix shares plunging 10% in Asia trading amid fears of a Fed rate hike and concerns over AI funding sustainability. Dell shares dropped 11%, leading a broader data-center sector slide after Barclays downgraded Dell, HPE, and NetApp over worries that enterprise AI adoption is lagging expectations. Small-cap stocks have also fallen roughly 10% from a record high in just two months. The broad-based decline reflects growing investor anxiety that the AI trade is splintering, as elevated inflation and rising borrowing costs raise doubts about whether the massive AI infrastructure buildout can be sustained at its current pace. The rout has hit chipmakers, hardware vendors, and smaller-cap companies most exposed to tighter financial conditions.