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Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports

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Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enoughA sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly

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Chinese markets lose trillions as race for AI supremacy with US takes its toll

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Lack of profits and the threat posed by western countries are raising concern about the sustainability of Beijing’s AI boomTrillions of dollars have been wiped from China’s stock markets in recent months amid increasing anxiety about the future of artificial intelligence, as Beijing races against the United States for dominance in the sector.The STAR 50

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Anthropic files for listing on US stock market with valuation of more than $1.5tn

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Market debut of the company behind the chatbot Claude will be one of the largest in US historyAnthropic has publicly filed for a listing on the US stock market under the symbol ANT.Analysts and investors have previously valued the San Francisco-based company, founded in 2021, at more than $1.5tn, meaning its listing will be one

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AI cloud computing companies face ‘guppy-level death’, Elon Musk warns, as funding dries up – business live

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Rolling coverage of the latest economic and financial newsMusk also claimed on X overnight that some partly-built data centres simply won’t be completed.As he put it:I think we’re going to see a lot of stranded compute in partially complete data centersAs of late Sunday in New York, those conversations remained ongoing and the deal hadn’t

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Sharp drops for AI stocks overwhelm markets worldwide as oil prices jump

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Datacenter and chip costs fueled sharp decrease in AI sector although non-AI stocks still had a strong showingThe latest shudder for stocks in the AI industry pulled markets lower worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran .The S&P 500 fell 1.2% for its

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Google Cloud outage: Revolut suffers service disruption as bank customers report problems – business live

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Rolling coverage of the latest economic and financial newsThe pound has rallied after Britain’s unemployment rate fell unexpectedly this morning to 4.7%.Sterling has gained half a cent against the US dollar to $1.3352, as the City welcomes the news that employment rose in the last quarter.“This data has caught the market on the hop, with

Google Cloud outage: Revolut suffers service disruption as bank customers report problems – business live Read More »

Is this the beginning of the end of the AI stock market boom?

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After a wobble on the tech-heavy Nasdaq, some AI market observers think a reassessment of the potential value of various businesses may be under wayGet our breaking news email, free app or daily news podcastThe world is holding its breath as it waits to find out whether this year’s estimated $US1tn investment in artificial intelligence

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AI firm Anthropic to commit 5% of shares to fund for ‘public good’

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The $48bn giveaway by company, which is preparing to list on stock market, comes amid concerns about the techAnthropic has said it will commit 5% of its shares to a fund for the “public good”, as the AI developer behind the Claude chatbot seeks to bolster its appeal before its stock market listing.The company announced

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Tech market sell-off deepens amid fears over US inflation and AI debt

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Chip makers and tech investors such as Samsung and SoftBank plunge as global investors fret over potential interest rate hikesBusiness news – live updatesLarry Elliott: the global economy is muddling through. But a storm is comingAn accelerating sell-off of AI-linked shares has hit global markets, as fears over rising inflation and future interest rate hikes

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Chip stocks slide after Broadcom boss likens AI investing to ‘casino’

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Asian markets fall and Samsung shares tumble after its Chinese rival CXMT claims strong progressBusiness live – latest updatesShares in semiconductor companies fell on Tuesday after the boss of Broadcom compared many AI investors to “casino” gamblers, and Chinese memory chip maker CXMT said it had made good progress on a new chip architecture.South Korea’s

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