US tech stocks see sharp falls over AI cost concerns
Summary
U.S. technology stocks fell as investors weighed the rising cost of building AI systems and company results. The Nasdaq opened down 2.5% on Friday, while Intel, Amazon, Reddit and Roblox shares also declined.Key Facts
- Intel shares fell as much as 30% in early trading on Friday.
- Intel warned of a weaker computer market while planning to increase AI spending.
- Amazon shares fell as much as 6% before recovering after its reported earnings missed investor expectations.
- The Nasdaq opened at its lowest level in more than two months, down 2.5%.
- Reddit and Roblox shares also fell.
- Alphabet lost more than $500 billion in value on Thursday after saying its AI summaries were affecting core search advertising revenue.
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