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AI trade hit as investors fret about runaway tech spending
The selloff trimmed about $890 billion in value from the Magnificent Seven on Thursday, reflecting renewed caution about artificial-intelligence spending plans.
Investors are focusing on concerns about runaway technology spending, and that shift has weighed on the so-called AI trade, according to the WSJ Markets.
The outlet said the worry about artificial-intelligence-related expenditures shaved roughly $890 billion in market value from the Magnificent Seven on Thursday.
The pullback points to a broader reassessment of how quickly AI spending will translate into returns, as investors look for more evidence that spending levels are sustainable.
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