Technology giants suffered a brutal sell-off on Thursday after heavy AI spending by Tesla and Google spooked investors.
Elon Musk’s Tesla suffered one of its biggest ever share price drops, falling by more than 12pc after the company’s profits were hit by investments in AI.
Google’s parent company, Alphabet, dropped by almost 7pc after it burned through billions in cash to fund its own AI spending.
A surging oil price that raised the prospect of interest-rate hikes added fuel to the fire, prompting the Nasdaq composite, a basket of tech shares, to plunge 2.6pc in its worst day for almost two months.
Read Full Article Here
