Tech Shares Slump Amid AI Spending Concerns and Disappointing Earnings

Technology stocks experienced a significant selloff on Friday, with the Nasdaq 100 falling approximately 10% from its peak, driven by investor worries that substantial and increasing artificial intelligence (AI) spending may not deliver adequate returns. This market downturn was exacerbated by disappointing earnings reports from major tech companies like Intel and Amazon, which revealed significant cash burn and missed analyst expectations.