Asian stock markets fell sharply on Friday, with technology shares leading the decline as investors reassessed valuations after a recent rally. The benchmark Kospi index in South Korea dropped 5.8% and triggered a 20‑minute trading halt after an 8% intraday decline activated its circuit breaker, the third such halt this week and the fifth this year. Japan's Nikkei 225 fell more than 4%, and SoftBank's share price dropped 12.5% amid broader concerns about technology valuations. Other regional indexes in Taiwan and mainland China also posted steep declines. In the United States, Apple shares dropped 6% on Thursday, the largest one‑day fall in more than a year, and Microsoft's shares fell after it announced higher Xbox console prices citing higher component costs. Traders said they are re‑evaluating tech stock valuations, noting that higher costs may curb device demand and slow semiconductor sales. Analyst Raymond Woo of Kyoto University Innovation Capital warned that rising commercialisation costs for AI tools are being passed to consumers, raising doubts about whether demand will keep pace with investment. David Makaryan, senior partner at Alpha Pacific Group, said the long‑term case for AI remains compelling but investors are becoming more selective about which companies can justify current valuations. The market volatility underscores ongoing uncertainty about the sustainability of high‑priced technology stocks as investors await clearer evidence of demand matching capital expenditure.