US technology stocks looked set to post their worst week since Donald Trump’s ‘Liberation Day’ tariffs rocked financial markets in April, as fears mount that an artificial intelligence (AI) ‘bubble’ is about to burst.
By mid-session, the tech-heavy Nasdaq index was on course for a 5 per cent fall this week, leaving shares in AI-related companies nursing combined losses of more than £750billion.
Shares in London were also on the slide, with the FTSE 100 down 0.6 per cent to 9682.57 yesterday, though losses this week amounted to just 0.4 per cent.
The main action was in the US, where chip-designer Nvidia, the world’s largest quoted company, has seen almost £350billion wiped off its stock market value in a 10 per cent fall this week.
On the slide: US technology stocks looked set to post their worst week since Donald Trump’s ‘Liberation Day’ tariffs rocked financial markets
Other big losers included Facebook-owner Meta, off 9 per cent, and Palantir – the controversial tech firm with close links to the White House. Shares are down almost 12 per cent on the week.
Analysts are increasingly concerned that the estimated £1.1 trillion being pumped into the AI sector this year will not pay off and could leave investors out of pocket.
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