A tech sell-off shook global markets on Tuesday as attention turned away from developments in the US war with Iran and toward the future of AIcompanies and chipmakers that have driven stock markets to record highs.
The tech-heavy Nasdaq index opened 2% lower on Tuesday. The Dow and S&P 500 were also down at opening.
All three major US indices have hit record highs this year, riding off a rush of funding to support AI technology and infrastructure. Nasdaq is up 10% for the year, while the Dow jumped 6% so far this year, breaching past 51,000 points, and the S&P 500 is up 7.3%.
Apples nextOss is heavy into AI. Everyone acts like they’re outsmarted everyone. They failed I’m not saying it won’t work out but they tried to get into AI 2 years AFO and it didn’t work.
Some think that means they recognised the hype doesn’t match the ability. They are incorporating ai, but licenced it instead of huge capex to do their own. They can just cancel it in the future.