Red wave in Asia: Japan and South Korea stocks slump as Wall Street's AI rally runs into valuation reality

Asia stocks trade mixed on Wednesday following Wall Street’s overnight sell-off after Morgan Stanley and Goldman Sachs CEOs questioned the sustainability of lofty valuations. Sentiment weakened further after Wall Street bank CEOs warned that markets could face significant drawdowns. Gold prices rose to around $3,970 per ounce on Wednesday, paring l…