Reported 26 days ago
The Nasdaq experienced a sharp decline of 2.7% leading the market down after Microsoft and Meta reported earnings that highlighted rising costs in artificial intelligence. Despite beating Wall Street estimates, both companies announced plans to significantly increase their capital spending on AI infrastructure, raising concerns about future profitability. This trend impacted other tech giants, including Amazon and Apple, as they released their earnings reports, resulting in broader losses for the tech sector.
Source: YAHOO