Business
Heard on the Street Thursday Recap: Chomping at the Bitcoin
Tech stocks kept falling, continuing the rout that started Tuesday. A broad array of AI-exposed companies saw their shares decline, including software companies, data-service firms, hyperscalers, and fund managers that invest in software companies. Thomson Reuters on its Thursday earnings call argued that its legal-research business can’t be replaced by general-purpose AI models. Its shares still fell 5.6%. Software stocks Datadog and ServiceNow both fell more than 7%.
Equities fell. The Nasdaq composite and the S&P 500 fell for the third consecutive trading day. The Nasdaq fell 1.6% and the S&P 500 shed 1.2%. Both indexes are down year to date. The Dow Jones Industrial Average was down 1.2%, or 593 points.
Google parent Alphabet said it would roughly double its spending to support its AI ambitions. This follows Meta Platforms’ announcement last week that it would ramp up its spending. Alphabet’s shares fell as much as 6.5% on Thursday but recovered to end the day at a 0.5% decline.