The selling came as traders turned their attention away from the Federal Reserve's monetary policy after it cut interest rates for a third successive meeting on Wednesday.
However, there will be plenty of interest in key US data over the next few days -- including on jobs creation and inflation -- that could play a big role in the central bank's decision-making at next month's meeting.
Tech firms have been at the forefront of a global surge in equity markets for the past two years as they pumped cash into all things linked to artificial intelligence, with chip giant Nvidia becoming the first to top $5 trillion in October.
But they have hit a sticky patch in recent weeks amid worries that their valuations have gone too far and the AI investments will take some time to make returns, if at all.
Those concerns were compounded last week following disappointing earnings from sector giants Oracle and Broadcom.
After hefty losses on Wall Street on Friday, where the S&P 500 and Nasdaq both shed more than one percent, Asia suffered a tech-led retreat.
Tokyo and Seoul, which have chalked up multiple record highs this year on the back of the tech surge, as well as Taipei and Hong Kong were among the biggest losers Monday. There was also heavy selling in Sydney, Singapore and Mumbai, though Manila and Bangkok edged up and Wellington was flat.
Shanghai was was also down as another round of weak data showing Chinese retail sales rose at the slowest pace since December 2022.
Among the biggest losers were South Korean chip giants Samsung and SK hynix, while Japanese tech investment titan SoftBank tanked more than seven percent.
London, Frankfurt and Paris rose at the open after ending Friday with losses.
Investors are also bracing for a heavy week of data, including the reports on US jobs for October and November, which were delayed by the government shutdown, as well as inflation.
The readings will be pored over for an idea about the Fed's plans for January's rate decision, even as traders pare back their expectations for cuts next year.
The bank has lowered borrowing costs at the past three meetings citing worries about the labour market, though there has been some dissent among policymakers who are concerned about persistently high inflation.
Also in view is the race to take the helm at the Fed after boss Jerome Powell steps down in May, with Donald Trump's top economic aide Kevin Hassett and Fed governor Kevin Warsh said to be the front-runners.
The US president said that whoever takes over should consult with him, telling the Wall Street Journal: "Typically, that's not done anymore.
"It used to be done routinely. It should be done."
He added: "It doesn't mean -- I don't think he should do exactly what we say. I'm a smart voice and should be listened to."
When asked where interest rates should be in a year's time, he replied, "One percent, and maybe lower than that".
"We should have the lowest rate in the world," he said.
Friday sees the Bank of Japan's own policy decision, with forecasts for a rate hike to push borrowing costs to their highest level in 30 years, though analysts were cautious on the outlook.
"The central bank will frame Friday's move as a response to a stronger economy and more durable inflation," wrote analysts at Moody's.
"A solid December Tankan survey (of Japanese business sentiment) early in the week and sticky consumer price inflation data on Friday will reinforce that narrative, but the real driver will be the weak yen."
The Japanese currency has weakened to more than 150 per dollar since October amid growing concerns about the country's economy and Prime Minister Kasuo Takaichi's plans to boost spending that would need more borrowing.
- Key figures at around 0815 GMT -
Tokyo - Nikkei 225: DOWN 1.3 percent at 50,168.11 (close)
Hong Kong - Hang Seng Index: DOWN 1.3 percent at 25,628.88
Shanghai - Composite: DOWN 0.6 percent at 3,867.92 (close)
London - FTSE 100: UP 0.4 percent at 9,688.80
Euro/dollar: DOWN at $1.1733 from $1.1742 on Friday
Dollar/yen: DOWN at 155.15 yen from 155.83
Pound/dollar: UP at $1.3370 from $1.3368
Euro/pound: DOWN at 87.77 pence from 87.83
West Texas Intermediate: UP 0.4 percent at $57.65 per barrel
Brent North Sea Crude: UP 0.4 percent at $61.34 per barrel
New York - Dow: DOWN 0.5 percent at 48,458.05 (close)
dan/fox
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