US stocks opened lower with chipmakers hit hardest, dragging Taiwan's night-session futures down almost 400 points — bad news for tech and semiconductor investors.

• The Philadelphia semiconductor index fell nearly 5%, far worse than the Dow, S&P 500 or Nasdaq.
• A rare joint call by the big AI companies to slow down technology development triggered heavy selling in tech and chip stocks.
• Renewed conflict in the Middle East pushed oil up more than 4%, feeding fresh inflation worries.
• Markets now put the odds of a Fed rate hike this week near 90%, with government bond yields close to 5%.
• Taiwan's main index closed down 322 points, and foreign investors were heavy net sellers.

Outlook: If oil stays high and the Fed does hike, chip and tech stocks in both the US and Taiwan likely face more pressure in the days ahead.