Why did Wall Street end sharply down on Thursday?

Wall Street ended sharply down due to concerns about artificial intelligence spending, which led to losses in major tech companies.

Which tech stocks were affected by the AI race announcement?

Microsoft and Amazon were among the tech heavyweights that experienced losses following Alphabet's announcement.

What is Alphabet's strategy regarding AI?

Alphabet plans to potentially double its capital spending on artificial intelligence as it competes to dominate the emerging technology.

Home / Business and Economy / AI Race Sparks Tech Stock Plunge

AI Race Sparks Tech Stock Plunge

6 Feb

•

Summary

Nasdaq hit its lowest point since November.
Microsoft, Amazon shares experienced losses.
Alphabet plans significant AI capital spending increase.

Major stock market indices on Wall Street concluded Thursday with sharp downturns, significantly impacting the Nasdaq. The tech-heavy Nasdaq reached its lowest valuation since November, reflecting broad investor concern.

Leading technology firms, including Microsoft and Amazon, saw their stock prices fall considerably. This decline is closely linked to an announcement from Alphabet regarding its future investment strategy in artificial intelligence.

Alphabet indicated plans to potentially double its capital spending dedicated to AI development. This aggressive move underscores the fierce competition and escalating race among tech giants to secure dominance in the rapidly advancing field of artificial intelligence.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.