Technology shares fell sharply worldwide as investors questioned whether massive AI spending can support lofty valuations. Chipmakers, Alphabet and newly public SpaceX were among the names hit as the sell-off spread to Asian markets.
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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.
The S&P 500 and Nasdaq hit record highs Wednesday as investors remain optimistic despite ongoing Iran conflict and rising energy prices. Strong corporate earnings and expectations of de-escalation in the Middle East have fueled the rally.