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Orgo-Life the new way to the future Advertising by AdpathwayGlobal tech shares slumped on Friday and US bonds surged toward their biggest monthly gain in nearly three years,
as investors scurried to safety due to worries that huge and rising spending on artificial intelligence (AI) may not deliver
sufficient returns.
Futures trading pointed to falls on Wall Street later in the session, including a more than 2.5 per cent drop in the techheavy Nasdaq 100. That came alongside an out-of-hours plunge of 25 per cent in Intel shares and a drop of 6 per cent in Amazon as their results showed they burned through cash. Shares in Alphabet fell 12.6 per cent on Wall Street on Thursday and slid a little further after hours, to wipe out stunning $500 billion in market value, as massive AI spending turned the company’s cash flow negative.
European stocks were last down 0.3 per cent on Friday, as the relative lack of big tech stocks helped limit losses. There were falls earlier in Asia led by chipmakers. South Korea’s Kospi declined 3.5 per cent to 5,730.74, as shares in SK Hynix and Samsung Electronics both slipped Investors are worried about the returns they can expect to make on the massive capital spending needed for the AI buildout and what effect it could have on consumers if price hikes squeeze global demand for devices like smartphones and PCs.
Anthropic’s potentially record-breaking initial public offering (IPO) could prove the next big test of sentiment. “The next key milestone will be the Anthropic IPO, to see how that lands. If it’s a poor listing, I think that could signal
a bit of weakness going forward,” said Jason Da Silva, co-chief investment officer at Arbuthnot Latham.
Nerves were also frayed by a potentially record-breaking hack at Binance, the world’s biggest cryptocurrency exchange, which drove down Bitcoin and other cryptocurrency prices.
The world’s biggest cryptocurrency, Bitcoin, hit a six-week low before cutting losses to trade 1.7 per cent lower at $77,471.
“I suspect the negative price action still has some way to go,” said Geoffrey Kendrick, head of digital assets research at Standard Chartered. “Only after assets are unfrozen and more detail of the hack emerges will we find a new base.” In commodities, oil prices rose more than 2 per cent on Friday and were poised for a fourth monthly gain, as an attack on a
tanker in the Strait of Hormuz waterway highlighted continuing supply risks from the West Asia war.
Gold prices fell to their lowest since mid-July and were last at $3,970, headed for a second straight monthly decline, as
rising crude oil prices and persistent inflation worries reinforced expectations of
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