AI Stocks Tumble and Drag Down Markets Worldwide as Oil Prices Climb
The selloff followed gains in oil and U.S. futures after investors weighed how much artificial intelligence spending can support profits.
- On Thursday, global markets dropped as artificial-intelligence stocks faced sharp declines and oil prices climbed to five-month highs. The Nasdaq composite sank 1.3% following significant losses across Asian exchanges, where South Korea's Kospi tumbled 3.5% and Japan's Nikkei 225 sank 2.7%.
- Investors worry the artificial-intelligence boom may be unsustainable due to high borrowing costs for data centers and chips. Concerns persist that stock prices climbed too high during the yearslong frenzy, leaving little room for earnings disappointment.
- Lam Research tumbled 10.1% and Meta Platforms lost 5.7% despite strong revenue reports. Nvidia fell 1.8%, while Tesla dropped 2.5% as investors reacted to mixed profit and revenue results for the summer.
- Brent crude oil prices rose 3.3% to $112.38, hitting a five-month high amid uncertainty over the war with Iran affecting global energy supplies. Offsetting these losses, Procter and Gamble's 5.4% gain helped limit broader market declines.
- The U.S. economy showed resilience last week as fewer workers applied for unemployment benefits, signaling sustained labor demand. Meanwhile, the 10-year Treasury yield fell to 5.05% from 5.13% late Wednesday, remaining well above its 3.97% level from before the war.
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41 Articles
LancasterOnline
Sinking AI stocks undercut markets worldwide as oil climbs to its highest price since May
AI stocks are dragging markets down worldwide. The S&P 500 sank 1% Thursday following even sharper losses in Asia, whose markets are full of AI and other technology stocks. The Nasdaq composite tumbled 2%, but stocks outside of tech held…
Cherokee Tribune Ledger News
goSkagitAI stocks drag markets down worldwide as oil prices climb to their highest since May
AI stocks are dragging stock markets down around the world. The S&P 500 sank 0.8% Thursday following even sharper losses in Asia, whose markets are full of AI and other technology stocks. The Nasdaq composite tumbled 1.5%, but stocks outside…
The three major New York stock indices opened lower as anxiety over artificial intelligence (AI) investment intensified again. On the 22nd (local time), the Dow Jones 30 Industrial Average closed at 52,679.73, down 176.36 points (0.33%) from the previous close. The Standard & Poor's (S&P) 500 index fell 60.79 points (0.78%) from the previous close to 7,696.38, and the Nasdaq Composite index...
New York's main stock indices opened in sharp fall this Thursday, returning the valuation seen yesterday, with the weight of the technology sector, in the midst of new doubts about the sustainability of the high investments in artificial intelligence. The quarterly profits of Meta and Tesla came above what expected by investors, which initially favored a discharge of shares in the post-market, but companies also increased their spending forecast…
(Seoul = Yonhap News) Reporter Yoon Jung-won of Yonhap Infomax = The three major stock indices of the New York stock market opened lower as anxiety over investment in artificial intelligence (AI) intensified again.
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