Tech had a rough day. But don’t call it a dot-com meltdown moment yet
CNN
It’s only Tuesday, but it’s already been a rough week for the tech world.
It’s only Tuesday, but it’s already been a rough week for the tech world. A tech sell-off on Monday, spurred by disappointing earnings, helped to drag down wider markets. The “Magnificent Seven” tech stocks ultimately lost $615.6 billion in value on Monday, according to data from S&P Global. Investors were also rattled by questions about whether the tens of billions of dollars tech companies have invested in artificial intelligence will ever lead to real revenue increases, or if AI will prove to be a money sink that creates only modest efficiency gains. On Monday afternoon, a federal judge ruled that Google violated US antitrust law with its search business. The decision marked a stunning rebuke of Google’s core business that could upend its dominance in online search, and also may have ripple effects for fellow tech giants fighting their own antitrust battles. And then, of course, there were broader economic concerns fueled by a worse-than-expected unemployment figure and impatience for the US Federal Reserve to cut rates; in the past, recession fears have led key tech customers to pull back on spending. The confluence of factors gave the impression that Big Tech — which has fueled markets with its AI hype over the past 18 months — may now be on shaky ground.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
Consumer confidence dropped last month to a reading of 93, a 5.4 point decline from May, according to data the Conference Board released on Tuesday.
Oil prices fell sharply Tuesday, returning to levels seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries.
McDonald’s is the latest target of a grassroots “economic blackout” campaign that has previously targeted other major companies with mixed success.
A nearly 3-year-old AI startup has reportedly caught the attention of two of the largest and most influential tech companies, underscoring the fierce competition for AI talent and push to become leaders in what some believe will be the next major evolution of the internet.
Compass has officially brought a long-simmering real estate dispute into the courtroom.
How well — or how poorly — Americans are managing their Buy Now, Pay Later loans soon could be reflected in their credit scores.
Tesla’s long-promised robotaxi service began in Austin Texas for a select group of the company’s fans.
Investing in US markets lately is akin to spinning plates while riding a unicycle balanced on a bowling ball. Traders have to contend with rapidly changing tariffs, mixed economic signals, uncertainty over rates and now an escalating conflict in the Middle East.
Some of Silicon Valley’s top leaders have warned in recent weeks that artificial intelligence is coming for people’s jobs — and fast.
Kroger is set to close about 5% of its grocery stores — amounting to approximately 60 locations — over the next year and a half.
From the perspective of the global oil economy, there are few places as strategically important as the Strait of Hormuz.
Oil prices surged during late Sunday trading after the US launched strikes on three Iranian nuclear Saturday evening in a major escalation of the Iran-Israel conflict.
Oil prices surged during late Sunday trading after the US launched strikes on three Iranian nuclear Saturday evening in a major escalation of the Iran-Israel conflict.