The PHLX chip index sank 3.8% in its eighth straight day of declines, its longest losing streak since 2008. (EPA Images pic) NEW YORK: Wall Street ended sharply lower on Friday, with CoreWeave, Broadcom and other AI-related technology stocks under renewed pressure, while a jump in oil prices spooked traders heading into the weekend.
The Nasdaq extended losses from earlier in the week, hammered by concerns that debt-laden AI infrastructure companies may not turn profits in time to repay debts, particularly with borrowing costs expected to rise.
Nvidia-backed CoreWeave slumped 12%, bringing its loss over the past five sessions to about 25%. The data centre operator's bonds also sold off sharply this week, pushing yields above 15%.
