Global stocks fell to a one-month low on Tuesday, driven by a significant sell-off in chipmakers due to concerns over Chinese competition and the funding of the AI boom. Rising odds of a U.S. interest rate hike as early as this week further dampened market sentiment.

The MSCI All Country World Price index dropped 0.5% to its lowest level since June 29. South Korea's KOSPI index plunged over 10%, triggering a circuit breaker and heading for its largest monthly fall on record. Shares of major chipmakers like SK Hynix and Samsung Electronics lost over 12%. Nvidia shares also shed 5% overnight after reports of the company discussing $250 billion in financing guarantees for OpenAI. Additionally, ASML shares fell 8.5% after reports that China began manufacturing domestically developed immersion deep ultraviolet lithography machines.