Technology shares fell sharply around the world Tuesday as investors questioned whether AI spending will produce profits that justify lofty valuations. SpaceX, chipmakers and memory stocks led the declines, while inflation and interest-rate concerns added pressure.
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SpaceX shares rose sharply in their Nasdaq debut after the company raised $75 billion in the largest IPO on record. The listing values Elon Musk’s company at about $1.77 trillion while analysts question its profitability and AI-driven valuation.
Apple announced Siri AI, a major update to its digital assistant that will use device data, cloud computing and the web to complete tasks and answer questions. The service will launch later this year in English but not initially in the European Union or China.
President Trump is expected to announce $700 million in federal support for coal plants, new projects and a coal export terminal. The plan drew praise from the coal industry and sharp criticism from environmental groups.
Justice Sonia Sotomayor apologized for critical remarks about Justice Brett Kavanaugh's upbringing following a dispute over immigration enforcement rulings. The rare public clash highlights growing tensions within the Supreme Court.
Tesla's stock surged by 9.5% following a letter to former trade representative Jamieson Greer, highlighting concerns over potential retaliatory tariffs linked to Trump administration policies. The stock market rally was further fueled by reports that President Trump decided against imposing broad tariffs on key industrial sectors, boosting investor confidence. Meanwhile, Hyundai announced a $5.8 billion investment in a new steel plant in Louisiana, creating 1,300 jobs, as part of a broader trend of companies like Apple and Oracle planning significant U.S. investments to align with the administration's domestic manufacturing goals.
Key takeaways: BP has suspended all gas and oil shipments through the Red Sea due to a surge in attacks on ships in the region…