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Nasdaq dips on AI spending fears
The U.S. Nasdaq index declined primarily due to investors selling shares of semiconductor companies, driven by concerns over the huge spending on artificial intelligence ahead of major corporate earnings reports, with results awaited from companies like Microsoft, Amazon, Meta, and Apple. Despite the decline in oil prices supporting Wall Street, the performance of the technology sector was weak, falling over 0.63%, while the S&P 500 edged up slightly and the Dow Jones rose. Experts expressed concern about the continued massive capital expenditures by tech companies, even though they are currently reporting modest profits, and how this affects investor confidence in the future.
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