'Sell everything' takes hold as tech, crypto, and metals all crack

• Global markets slid as tech, crypto, and silver sold off in a broad risk retreat.
• Investors pulled back from AI, crypto, and metals as a "sell everything" mood spread.
• Investors are retreating from risk assets as doubts grow over the AI boom's staying power.

Global markets slid hard on Friday as losses spread across tech stocks, cryptocurrencies, and precious metals, reinforcing fears that investors have moved into a "sell everything" mindset.

Much of the pressure is coming from tech, as doubts grow over whether the AI boom that powered recent gains can live up to expectations.

"A session of pure carnage overnight as the rotational flows noted in yesterday's note — out of tech and into cyclical morphed into a 'sell everything' mentality across stocks, crypto and commodities," Tony Sycamore, a market analyst at IG Australia, wrote on Friday.

In Asia, South Korea's tech-heavy Kospi plunged and briefly triggered a trading halt after the index dropped 5%.

Heavyweights Samsung Electronics and SK Hynix were among the hardest hit, dragging the market lower as investors rushed to cut exposure to technology stocks.

Hong Kong's Hang Seng Index fell as much as 2.1% as China's major tech names moved lower, reflecting weaker risk appetite and ongoing pressure on the sector.

Australia's ASX 200 also declined, tracking the global selloff, while Japan's Nikkei 225 reversed earlier losses ahead of a general election this week.

Cryptocurrencies fell alongside equities, extending a week of heavy losses as investors continued to reduce risk.

Bitcoin was trading around $64,500 after falling about 10% over 24 hours.

Silver rout returns

The selling also swept through commodities, with silver remaining under intense pressure following last week's violent breakdown.

Spot silver was trading around $71.20 per troy ounce. It had hit a record high above $121 per ounce last week.

"Silver's attempt to stabilise after last week's historic rout has so far proven short‑lived," Ole Hansen, the head of commodity strategy at Saxo Bank, wrote in a Thursday note, pointing to renewed selling and technical resistance that triggered reversals.

Hansen also pointed to fresh selling from China, including disruption around China's only pure-silver fund after it traded far above its underlying value and was later suspended, leaving investors locked in as it repeatedly hit limit-down moves.

He added that near-term price action in silver is likely to be driven more by market mechanics and positioning than by macroeconomic headlines, given the extreme volatility still coursing through the market.

The latest moves underscore how quickly sentiment has shifted across asset classes.

"Investors are questioning their commitment to the pillars that have underpinned markets over the past six months: AI, crypto, and precious metals. This raises the odds of a deeper unwind," wrote Sycamore.