The tech-heavy Nasdaq fell 2.6%, dragged down by chipmakers following a series of high-profile AI-related earnings results. (EPA Images pic)NEW YORK: US stocks tumbled on Thursday and the Nasdaq posted its steepest daily drop since early June as a batch of high-profile earnings reports ignited fresh fears about the AI spending race.
The S&P 500 ended deep in negative territory. But the tech-laden Nasdaq, dragged down by microchips, suffered a steeper loss, falling 2.6% in the wake of a spate of high-profile AI-related earnings results.
The blue-chip Dow eked out a nominal gain minutes before the closing bell.
Meta Platforms' results beat analyst expectations, but its stock slid 7.0% as the Facebook parent posted its first cash outflow in more than a decade due to its AI-related expenditures and announced plans to issue non-voting shares in a two-for-one split to raise capital to spend on the nascent technology.
