Global markets are reacting to a cooling in artificial intelligence and semiconductor sentiment, with Asian equities and regional chip stocks sliding amid deepening concerns over AI spending sustainability and China-based competition. This sector-specific pressure is echoed by a broad retreat in U.S. stock futures, despite some optimism surrounding Iran-U.S. diplomatic developments. The impact of a deteriorating market environment in China is affecting corporate results, with both Mercedes-Benz and Sellas Life Sciences facing headwinds. Meanwhile, major deal-making activity continues; Zhongji Innolight completed a massive Hong Kong IPO, and Coforge reported significant revenue growth from its acquisition integration. Geopolitically, the U.S. president is engaged in meetings with Qatari leadership, while Donald Trump reports ongoing discussions with Iran, warning of potential military consequences if those diplomatic efforts do not succeed.