Nasdaq Slides 2.3% as AI Debt Fears and Meta's 6.2% Drop Hammer Tech
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
Tech is leading a broad retreat: the Nasdaq is down 601.57 points, or 2.3%, at 26,101.29, giving back Wednesday's standout gain. The trigger is renewed worry about debt-fueled AI infrastructure spending, sharpened by Nvidia CEO Jensen Huang telling CNBC that demand from neocloud firms like CoreWeave is 'off the charts' but 'scarcity of capital' is capping growth. Meta is down 6.2% even after beating Q3 revenue estimates and guiding higher, and IBM is off 1.8% despite a beat — a sign the market is no longer rewarding results alone. Semiconductors are the worst pocket, with the Philadelphia Semiconductor Index down 5.6% to a near three-month intraday low, while the 10-year yield has fallen 13.1 basis points to 5.015% as Treasuries rally. Oil is adding pressure: crude is up more than 1% after Trump denied U.S.-Iran talks and the NYT reported the U.S. and Israel have drawn up plans for renewed strikes on Iran after Election Day.
At the time of this announcement, IXIC was trading at $26,095.68 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.