- cross-posted to:
- aljazeera@rss.ponder.cat
- cross-posted to:
- aljazeera@rss.ponder.cat
Author: Unknown
Published on: 27/01/2025 | 00:00:00
AI Summary:
Wall Street’s superstars are tumbling as a competitor from China threatens to upend artificial-intelligence frenzy that has created a spending bonanza. The S&P 500 was down 1.7 percent in midday trading on Monday and heading for its worst day in more than a month. Big Tech stocks took some of the heaviest losses with Nvidia down 14.4 percent and they dragged the Nasdaq composite down 2.8 percent. DeepSeek’s app had already hit the top of Apple’s App Store chart by Monday morning. Analysts said such a feat would be particularly impressive given how the US government has restricted Chinese access to top AI chips. In Amsterdam, Dutch chip supplier ASML slid 6.6 percent. Meta Platforms CEO Mark Zuckerberg said he expected to invest up to $65bn this year while talking up a datacentre Meta is building in Louisiana. These companies alone accounted for more than half of the S&P 500’s total return last year. It shows the risk of betting too much on just a few winning stocks, something market experts call “concentration risk” “It is also possible that the news is true, but then that would present new investment opportunities,” he says. “The news is also true,” the news says.
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Summary: 210 words
Percent reduction: 72.76%