Tech Stocks Tumble as Microsoft and Meta Ramp Up AI Investment

Microsoft CEO Satya Nadella‍ and Microsoft logo in the background ⁢JASON ‍REDMOND/AFP‍ via Getty Images

The ⁢stock market took a sharp downturn on‌ Thursday, primarily driven by the⁢ tech sector.

Both Microsoft and ⁢Meta saw their stocks plummet due to ⁢renewed worries ⁣about AI investment.

While ​jobless claims‌ decreased more than anticipated, the‌ Fed’s preferred inflation measure‌ inched closer to 2%.

US‌ stocks ⁤experienced significant declines on Thursday, particularly with the Nasdaq⁤ dropping nearly ⁢3%​ as Meta and Microsoft‍ faced substantial losses.

The decline ‌in tech stocks was triggered by earnings reports from major companies ⁢that surpassed expectations but⁣ failed to impress investors in certain areas, raising concerns about heavy AI investments.

The S & P 500 fell by⁢ almost 2%, while ⁢the Dow ⁢Jones ‍Industrial Average dropped over370 points. p > < pclass = " y f - l pe s j g t "> Here⁤ is where US indexes stood at the ⁤closing bell on Thursday at4:00 pm: p > < pclass = " y f - l pe s j g t "> Much of⁢ the disappointment stemmed⁤ from guidance provided by tech giants.‍ p > Microsoft projected revenue forthe current quarter ⁣to be between $68.1 billion and $69.1 billion, falling short ofanalysts’ expectations…

2024-10-31 23:16:03
Link fromfinance.yahoo.com

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