Business
Carnage in Chip Stocks Hits Hard
Fears of rising interest rates collided with worries about artificial-intelligence spending on Wall Street Friday, bringing an abrupt and painful end to weeks of gains and sending the Nasdaq composite to its worst day in more than a year.
Shares of the chip-making giants that have powered the market’s climb to records tumbled, weighed down by new concerns that trillions of dollars invested in AI technology won’t yield the expected blockbuster returns. The losses intensified after a robust jobs report raised new worries that the Federal Reserve may need to raise interest rates later this year to fight inflation.
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