S&P 500, Nasdaq end sharply lower as revived AI doubts ignite tech selloff
- The S&P 500 fell 0.8% and the Nasdaq Composite dropped 1.5% as AI-related stocks led a global technology selloff.
- Lam Research fell 7.7% despite stronger-than-expected summer profit and revenue after its forecast disappointed analysts.
- Meta Platforms dropped 5.8% after reporting stronger revenue but lower-than-expected profit, while Tesla rose 0.3% despite weaker revenue.
- Brent crude rose to $111.66 per barrel as concerns about conflict involving Iran raised fears of supply disruptions.
315 Articles
315 Articles
Stock markets continue to be paralysed by fears over rising debt levels among AI companies. The sell-off in the sector was particularly evident on Thursday, when the NASDAQ 100 index fell by its biggest drop in more than three years. Rising oil prices are also causing concern.
AI spending concerns weigh on technology shares as oil jumps
Wall Street's latest technology selloff exposed a distinction that matters for the artificial-intelligence boom: confidence in a product's future does not guarantee confidence in the price of building it. Investors marked down technology shares on Thursday while oil rose and US government debt attracted demand. The combination puts financing discipline at the centre of the debate. An ambitious investment programme can offer substantial opportuni…
Global crude oil prices surged more than 3% to $116.72 per barrel, the highest since late April, amid conflicts in the Middle East, while global stock markets experienced volatility.
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