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Stock markets tumble on concerns over tech companies' growth | Stocks
European and Asian stock markets fell on Thursday as concerns about the future growth of big technology companies, fuelled by artificial intelligence, triggered a wave of global selling.
The pan-European Stoxx 600 index ended the day down 0.7%, after being hit by a nearly 4% drop in Dutch chipmaker ASML, a 7% fall in Germany's Infineon Technologies and a 13.7% drop in Swiss semiconductor company STMicroelectronics.
The rout began in the United States overnight, where the tech-heavy Nasdaq fell 3.6% on Wednesday, marking its biggest single-day drop since 2022. About $1 trillion ($776 billion) was wiped off the value of the Nasdaq 100, which groups together the most valuable companies in the index.
The biggest losers were companies linked to artificial intelligence, including Nvidia, Tesla and Alphabet, owner of Google, whose shares have soared in recent months. Investors have been pouring heavily into the sector to ensure they don't miss out on a potential tech boom in artificial intelligence.
The drop has raised concerns that the enthusiasm for big tech stocks, known as the “Magnificent Seven,” is overblown. Nvidia fell 7%, Alphabet fell 5%, Microsoft fell 3.5% and Apple fell 3%. Other stocks in the “Magnificent Seven” also fell, including Facebook owner Meta, which fell 5.6%.
Tesla suffered its worst fall since 2020, falling 12%. Company CEO Elon Musk had forecast a 45% drop in profits and pushed back plans to unveil self-driving robotaxis from August to October, sparking skepticism among investors. Musk has tried to drum up interest in plans for robot taxis, artificial intelligence and genuinely useful humanoid robots as demand for Tesla’s electric cars has waned.
The stock market losses then spread to Asia, where technology-related companies continued their declines. Among them were Samsung, which fell 2%, Sony, which fell 5%, and tech investor SoftBank, which fell 9.4%. Japan's Nikkei ended the session down 3%.
However, AJ Bell investment analyst Dan Coatsworth said the sell-off could be a necessary correction.
He added: “It's worth putting last night's weakness into perspective, given that indices were recently trading at record highs and there were big moves in some huge companies.”
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Whether this is a necessary correction to clear the market froth or something more dramatic will depend on upcoming results from Microsoft, Meta, Apple and Amazon next week, as well as AI star Nvidia in late August.
Early trading on Wall Street was more muted Thursday, with the Nasdaq, Dow Jones and S&P 500 indexes slightly higher as GDP data showed the U.S. economy grew faster than expected in the three months to the end of June.
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Sources 2/ https://www.theguardian.com/business/article/2024/jul/25/stock-markets-tumble-jitters-tech-companies-growth The mention sources can contact us to remove/changing this article |
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