Wall Street drops amid AI and oil concerns
Wall Street markets closed sharply lower today, Friday, as shares of artificial intelligence technology companies like Corvée and Broadcom declined amid concerns that AI infrastructure firms may not generate profits in time to repay their debts, especially with expectations of rising borrowing costs. The market was also affected by a more than 3% increase in oil prices due to fears over Middle Eastern supplies, which put pressure on stock earnings multiples. Data showed that the S&P 500 index dropped 1.10%, Nasdaq fell 2.15%, and the Dow Jones decreased by 0.36%.
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