Wall Street suffers weekly losses amid AI dip and rising oil

U.S. Wall Street indices declined sharply during the week, coinciding with a drop in AI company shares and a rise in oil prices, due to concerns over the difficulty AI infrastructure companies will face in generating profits to repay their debts, as well as worries about funding the AI boom and high borrowing costs. The S&P 500 index fell by 1.10%, and the Nasdaq by 2.15%, while oil prices increased by more than 3% amid fears of supply disruptions in the Middle East, adding inflationary pressures and expectations of further interest rate hikes. Additionally, stocks of AI companies like C3.ai experienced significant declines, as attention turns to the upcoming earnings reports of major companies next week, with expectations that profits of AI-related firms will grow by over 30%.

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