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Stocks in retreat as traders reconsider tech investment

On Tuesday, Anthropic unveiled a tool that could perform legal work, spooking firms and contributing to Asian stocks falling Thursday alongside Wall Street tech losses.
Underwhelming earnings responses from Alphabet, ARM and Microsoft accelerated tech selling, while investors price in risks from AI-native competitors eroding market share.
At around 0230 GMT, Bitcoin was trading at its lowest since November 2024, while regional indexes showed declines: Tokyo-0.7, Hong Kong-1.1, Shanghai-1.1, and Seoul down over 2%.
City Index's Cincotta said investors are rotating into more cyclical names as fears over AI-driven disruption weigh on the market.
Pepperstone's Michael Brown said AI enthusiasm has waned in recent months, with a bifurcated market amid financing and concentration concerns, while analysts note a broader shift from tech after Anthropic's legal-tool announcement.

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Stocks in retreat as traders reconsider tech investment

Stocks mostly fell Thursday to track more losses on Wall Street, where tech firms were again under pressure as fears over vast AI investments and extended valuations gained momentum.

2 months ago

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