Tech stocks fell on Tuesday morning as concerns about high valuations and artificial intelligence resurfaced, dragging the tech-heavy Nasdaq Composite (^IXIC) nearly 2% lower.
Within tech, semiconductor stocks saw some of the biggest losses in early trading, with AMD (AMD), Intel (INTC), and Qualcomm (QCOM) dropping by over 7%, and Nvidia (NVDA) falling nearly 4%.
Shares of memory giant Micron (MU) declined by more than 11% ahead of the company's third quarter earnings after the bell on Wednesday, which will provide another update on the broader AI build-out. On Monday, the company announced a strategic agreement with Anthropic, in which the memory maker will supply Anthropic (ANTH.PVT) with both memory and storage chips to support its data center goals.
Meanwhile, the competition for talent in the artificial intelligence arena continued to move major stocks. Alphabet stock (GOOG, GOOGL) continued to fall after senior research scientist and ****** el prize winner John Jumper announced he was leaving Google DeepMind AI to join rival Anthropic (ANTH.PVT).
The tech sector is leading markets lower on Tuesday morning as investors go risk off amid renewed concerns about Federal Reserve rate hikes and artificial intelligence spending.
Within tech, semiconductor stocks saw some of the biggest losses in early trading, with AMD (AMD), Intel (INTC), and Qualcomm (QCOM) dropping by over 7%, and Nvidia (NVDA) falling nearly 4%.
Shares of memory giant Micron (MU) declined by more than 11% ahead of the company's third quarter earnings after the bell on Wednesday, which will provide another update on the broader AI build-out. On Monday, the company announced a strategic agreement with Anthropic, in which the memory maker will supply Anthropic (ANTH.PVT) with both memory and storage chips to support its data center goals.
Meanwhile, the competition for talent in the artificial intelligence arena continued to move major stocks. Alphabet stock (GOOG, GOOGL) continued to fall after senior research scientist and ****** el prize winner John Jumper announced he was leaving Google DeepMind AI to join rival Anthropic (ANTH.PVT).
The tech sector is leading markets lower on Tuesday morning as investors go risk off amid renewed concerns about Federal Reserve rate hikes and artificial intelligence spending.
4 months ago
