Asian equities broadly fell on Thursday, impacted by higher-than-expected US inflation data, which fueled concerns about Federal Reserve rate hikes, and worries about a correction in the AI boom. Mainland Chinese stocks dropped to their lowest closing prices in 14 months, with the Shanghai Composite Index falling 1.59% to 3,707 points and the ChiNext Index declining 2.92% to 2,783 points. Hong Kong's Hang Seng Index fell 1% to 24,062 points, the Hang Seng Tech Index dropped 2.7%, and Alibaba's shares fell 3.7%. Japan's Nikkei Index plunged 4.9% to 64,425 points, while South Korea's KOSPI Index plummeted 7.57% to 5,554 points, hitting a six-month low and triggering circuit breakers, as chip manufacturers faced a massive sell-off. The International Monetary Fund (IMF) warned on Thursday that energy shocks from the Iran war, a potential correction in the AI boom, and rising global bond yields all pose risks to Asia's economic growth.