Reported 26 days ago
The US stock market saw significant declines, particularly in the tech-heavy Nasdaq, which fell 2.7%, as concerns over rising AI spending plagued major companies like Meta and Microsoft following their earnings reports. Despite exceeding Wall Street expectations, both firms indicated plans to increase their substantial investments in AI infrastructure, leading to a drop in their stock prices. The S&P 500 also fell nearly 1.9%, with other tech giants like Amazon and Apple following the downward trend, casting a shadow over the broader market as it closed October with losses.
Source: YAHOO