By Tom Westbrook

Singapore — A selloff in AI supplier shares on Tuesday is the strongest sign to date that the mood on the trade of the decade is shifting, with worries that rising interest rates could scupper a spending spree bigger than America’s historic railroad boom.

Nearly four years since the launch of OpenAI’s ChatGPT, cash has streamed into semiconductor companies, data centre owners, cable companies and anyone reaping revenues from an unprecedented race to build computing infrastructure.

Cracks in those bets began in June and are now widening across markets, with a data centre IPO collapsing last week in Australia and credit investors becoming picky on AI debt.

In Asia, the selling of South Korean chipmaker shares extended…