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Big Tech slump pushes Nasdaq sharply lower amid China’s AI push
The opening bell has rung on Wall Street, and technology stocks have plunged, with the tech-heavv Nasdaq losing 3.5%.
The Nasdaq and the S&P 500 fell to their lowest levels in more than a week, as the popularity of a low-cost Chinese AI model rattled global technology stocks.
The Nasdaq tumbled by more than 700 points to 19,250, as the US chipmaker Nvidia fell by 12.3%, wiping $380bn off the company’s market value and taking it to $3.1trn.
Microsoft, Meta Platforms and Google parent Alphabet lost between 2.2% and 3.6% while AI server makers Dell Technologies and Super Micro Computer slid by 7.2% and 8.9%.
The broader S&P 500 lost 130 points, or 2.1%, at the open while the Dow…
