Tech stocks slide as Alphabet’s record plunge revives AI fears
(Bloomberg) -- Tech stocks were dragged lower by a record drop in Alphabet Inc. after disappointing results renewed investor concerns about the threat that artificial intelligence poses to its core business.
Alphabet's stock plummeted to its worst drop ever following disappointing financial results, sparking concerns about the impact of artificial intelligence on its core business. The tech-focused Nasdaq 100 and S&P 500 indexes both fell on Thursday, ending a three-day winning streak. Alphabet shares dropped 13%, while Nvidia experienced the biggest one-day loss in history, losing over $590 billion in January 2025.
Experts and analysts attribute the market decline to ongoing worries about the effects of AI on major tech companies. Outside of the tech sector, the broad market experienced limited damage, with many stocks in the S&P 500 index rising. The AI uncertainty remains a concern, as AI spending and its ability to generate returns quickly under question.
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