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Tech had a rough day. But don’t call it a dot-com meltdown moment yet

Tech had a rough day. But don’t call it a dot-com meltdown moment yet

CNN
Tuesday, August 6, 2024 4:20 PM GMT

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.

Read full story on CNN
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