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Tech firms take fresh hit as earnings misses fan AI fears

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Tech firms take fresh hit as earnings misses fan AI fears

Business News Tech AI Tech firms take fresh hit as earnings misses fan AI fears

Tech firms were again on the back foot Friday after another round of disappointing earnings from Wall Street titans fanned already deep concerns about the AI investment boom. "The concern isn't that AI demand has already slowed.

Tech firms were again on the back foot Friday after another round of disappointing earnings from Wall Street titans fanned already deep concerns about the AI investment boom. Traders were also keeping an eye on bitcoin, which tumbled after the world's largest crypto exchange said it had been hit by what analysts warned could be the biggest hack of its kind in the world. AI-linked tech firms suffered steep losses after Amazon's quarterly report fell short of analyst expectations on profit and revenue, and Intel's expected income missed estimates owing to weak demand for PC processors and supply-chain problems.

The announcements came a day after Google parent Alphabet reported soft growth in revenue from advertising and its search business, while saying it would ramp up capital expenditure. Alphabet plunged more than 12 percent, while Amazon tanked more than seven percent in after-hours trade -- having lost more than four percent before the close -- while Intel cratered 23 percent. The Nasdaq finished down more than one percent. And the selling continued in Asia, where South Korean chipmaker SK hynix dived almost nine percent and rival Samsung lost more than six percent. Japanese semiconductor firm Kioxia shed more than nine percent, as did Advantest, while SoftBank skidded around seven percent.


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