Alphabet and Tesla lead 2.8% fall in Nasdaq
US technology stocks sank sharply on Wednesday after lacklustre overnight results from index heavyweights Tesla and Alphabet, deepening the recent sell-off in a sector that has driven the bulk of market gains this year.The Nasdaq Composite was down 2.8 per cent by early afternoon in New York, with Google parent Alphabet 5.1 per cent lower despite narrowly beating analysts’ revenue forecasts. Advertising revenue from YouTube missed consensus estimates.
However he claimed that the project could still take the company’s valuation as high as $5tn — about six times its current market value. Google’s spend and outlook was being used as an indicator for the wider trend of backing companies with links to generative AI, said analysts. All of the so-called Magnificent Seven were lower on Wednesday. Chipmaker Nvidia, which has more than doubled this year, was down by almost 4 per cent.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big Tech investors should be paying more attention to EU’s regulatory strikesLatest actions target some of the core practices that have helped the biggest companies consolidate their power
Read more »
What are the battle lines between the EU and Big Tech?How Brussels’ charges against Microsoft and Apple are laying groundwork for tougher regulation of tech industry
Read more »
AT&T wants Big Tech to help fund US internet accessAffordable Connectivity funding coming to an end soon...
Read more »
Brussels strikes back against Big TechThe European Commission charges Apple and Microsoft with anti-competitive conduct
Read more »
Brussels turns up the heat on Big TechAlso in this newsletter: Former EIB president under investigation, insurance cover for net zero, “multi-gig” professionals
Read more »
Big tech shares lose lustre as US market rocked by violent rotationSmall-cap stocks surge in expectation they will benefit disproportionately from a Fed interest rate cut
Read more »