Wall Street closes lower as AI cash burn fears and weak Intel and Amazon results trigger a tech selloff.
Amazon became the latest tech company to announce swelling investments in A.I. amid stumbling share prices.
Investors are nervous about the massive AI spending from the tech giants and whether that will pay off.
U.S. stocks dropped sharply Friday as disappointing quarterly results from Amazon and Intel intensified the tech selloff of the past two days. The Nasdaq Composite dropped almost 3%, while the S&P...
Tech stocks were poised to drop after Amazon.com Inc. reported greater capital spending than anticipated and the slowest growth in the core e-commerce business in three years.
Investors have grown wary of the AI trade as surging debt and financing costs outpace revenues and push firms into negative cash flows.
Shares in Intel continue to fall while the tech-heavy Nasdaq opens at its lowest level in more than two months.
Cash burn at Google, Amazon and Meta leads Wall Street to question price of AI boom
Companies such as Intel and ServiceNow saw massive drops in their share prices this week as financial results spook investors, dragging down the U.S. stock market.
Wall Street's worries about the cost of the AI boom escalated after the market close on Thursday, as results from Amazon and Intel showed the infrastructure race is not only straining the tech...
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