Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports
Covered by 5 sources
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Tech stocks plunged in the US, with the Nasdaq losing nearly $1tn in a week and $2tn in a month, driven by disappointing earnings from major firms like Intel, Amazon, and Alphabet amid concerns over AI investment returns. The S&P 500 and Nasdaq both fell sharply, reflecting investor skepticism about the profitability of massive AI infrastructure spending.
Covered by 5 sources
- Big Tech’s Data Center Blitz Is Burning Through Cash and Scaring Wall St.· New York Times
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- Amazon Stock Drops on Wall Street Miss, Despite Biggest Cloud Growth in Years· 3 sources
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- Google Shares Fall 10% as Growth in Search Revenue Slows· The Wall Street Journal