Tech firms take fresh hit as earnings misses fan AI fears
Summary
Tech stocks fell sharply after disappointing earnings from Amazon, Intel and Alphabet deepened worries about the AI investment boom. Bitcoin also slid after Binance said it had been hit by a major hack, while fears over US-Iran tensions pushed oil prices higher.
Key Points
- Amazon and Intel posted weaker-than-expected results, while Alphabet's softer revenue growth and higher spending plans added to the selloff in AI-linked stocks.
- Asian chipmakers and broader regional markets also dropped as investors worried about the scale and profitability of AI investment.
- Bitcoin fell after Binance reported a major hack and said more than $2.5 billion in funds had been frozen to prevent further losses.
- Rising fears of US-Iran tensions boosted oil prices, with Brent moving toward $120 a barrel.
