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.
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A former local news anchor in Shreveport, Louisiana, has sued a rival station for defamation, accusing it of engaging in “character assassination” after it ran a report he says portrayed him as a “child predator.”
Whole Foods employees say a major cyberattack on a leading distributor has left some store shelves and freezers empty.
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“The free press is under attack,” Bob Costas said at an awards ceremony Monday evening. “Democracy as we know it is under attack.”
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Call it a “chip shortage on steroids.”
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