AI stocks are taking a beating amid inflation, interest rate worries – National– globalnews.ca

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AI stocks are taking a beating amid inflation, interest rate worries – National– globalnews.ca
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EXCERPT:

A sell-off for artificial-intelligence stocks is hitting Wall Street again after whipping around the world on worries about how much longer the AI frenzy will last.

The S&P 500 fell 0.5 per cent early Thursday, and the Nasdaq composite 1.2 per cent. The Dow Jones Industrial Average rose 269 points. Among tech stocks, Nvidia fell 3.2 per cent and Advanced Micro Devices lost 5.4 per cent. South Korea’s Kospi index sank 7.6 per cent.

The losses came as another report signaled inflation has worsened by even more in the United States than economists expected. Wholesale inflation jumped last month, driven by a big increase in energy costs.

Tech stocks appeared to be headed for another sell-off before the bell with inflation anxiety hammering that high-growth sector ahead of the U.S. earnings season.

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Artificial intelligence stocks were down again after taking a beating a day earlier.

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