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US stock decline hits tech sector
Futures for the Nasdaq 100 index declined by 1.1% today, Thursday, amid concerns over technology companies overspending on artificial intelligence, along with expectations of earnings reports and economic data. Meanwhile, S&P 500 futures fell by 0.3%, while Dow Jones Industrial futures rose by 139 points (0.3%). Tech stocks, especially chip manufacturers, were hit hard as fears persist over excessive borrowing to develop AI technologies, resulting in the largest daily loss for the Nasdaq Composite since July 23.
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