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Title: US Tech Stocks Hit By Concerns Over Future of AI Boom
Link: https://tech.slashdot.org/story/25/08/20/0821...
US tech stocks sold off as warnings that the hype surrounding AI could be
overdone hit some of the year's best-performing shares. From a report:
Nvidia, the chips group that has surged to become the world's first $4tn
company on the back of AI, fell 3.5 per cent on Tuesday, while software group
Palantir dropped 9.4 per cent and chip designer Arm shed 5 per cent. The tech-
heavy Nasdaq Composite closed down 1.4 per cent, the biggest one-day drop for
the index since August 1. The blue-chip S&P 500 fell 0.7 per cent.
European and Asian markets largely followed Wall Street lower on Wednesday.
[...] Japan's Nikkei 225 index fell 1.5 per cent and South Korea's Kospi
slipped 0.6 per cent. Futures price indicated moderate declines when Wall
Street opens. Traders pinned some of the declines in the US on a critical
report on Monday authored by a branch of the Massachusetts Institute of
Technology. Researchers said "95 per cent of organisations are getting zero
return" from their investments in generative AI, the technology that has sent
US stocks soaring to record highs in recent months.
Read more of this story at Slashdot.
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