Tech stocks lead steep global sell-off as investors lose faith in AI chip trade

Good morning. On Fortune’s radar today:

Markets: Big global selloff as traders bail out of tech stocks.

Hyperscaler pullback could tip economy into recession, Apollo analyst warns.

Airbnb CEO Brian Chesky targeted in AI slop hack.

The U.S. is now bombing civilian infrastructure in Iran.

Government debt is bigger today than it was in the GFC.

Congress might be about to abolish daylight savings time.

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Airbnb CEO targeted by hackers in AI slop attack

Airbnb cofounder and CEO Brian Chesky appears to have been the target of a cyberattack, a source with knowledge of the situation told Fortune’s Rachel Ventresca. On Monday, Chesky’s X account shared a multi-post thread setting out a bullish view on “real-world asset tokenization,” a term from the crypto world that describes converting traditional assets like stocks into digital tokens.

“I’ve been quietly keeping an eye on real-world asset tokenization for a while now,” the account wrote in the now-deleted series of tweets. “Most of it is noise. But underneath the noise, something real is happening.”

When Fortune analyzed Chesky’s thread through AI-detection tool Pangram, the system flagged it as 100% AI-generated. The posts have since been deleted. Airbnb declined to comment. 

The hacked posts were flagged to X and escalated to platform security teams as a “high-profile compromise,” according to correspondence between Airbnb and X employees reviewed by Fortune. X secured the account on Tuesday evening, and Chesky was able to regain access to his account.

Tech stocks lead steep global sell-off

U.S. futures were down this morning before the open in New York, following a significant global sell-off across Asia and Europe. There are multiple factors at play, but the triggers included earnings calls from chipmaker TSMC and Netflix, which both disappointed traders. The former lost 2.63% today and the latter was down 9.24% overnight. The tech-heavy Nikkei 225 in Japan and South Korea’s KOSPI took huge steps down over the last 24 hours. The KOSPI (which is closed today) is particularly volatile because half its weight consists of just two stocks, Samsung and SK Hynix, and because the country has allowed retail investors to buy leveraged ETFs that magnify swings in........

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