Tech Stocks Sell-Off Drags Wall Street Toward Its Worst Day Since June
Wall Street experienced a significant sell-off in tech stocks due to concerns that massive AI investments are not yielding expected short-term profits. Major companies like Intel, Amazon, and Alphabet saw sharp declines as investors questioned the sustainability of current AI spending levels.
Why it matters
The market reaction signals growing investor skepticism regarding the immediate financial returns of the artificial intelligence boom.
A sell-off for tech stocks is getting worse Friday on worries that Wall Street's frenzy around artificial-intelligence technology sent prices too high.The S&P 500 dropped 2.2% and was heading toward its worst day since June and a third straight losing week. The weakness for technology stocks dragged the Nasdaq composite down a market-leading 3.4%, as of 2:15 pm Eastern time, while the Dow Jones Industrial Average was down 634 points, or 1.2%.The US stock market remains only 3.4% below its all-time high, which has boosted the value of workers' 401(k) accounts, but it's become increasingly shaky just days before Tuesday's midterm elections in the United States.
Also covering this story
11 other newsrooms covered this event. We read each version separately.
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