Shares of Google parent Alphabet slid 12.6%, dragging the communication services sector down with it. (AFP pic)NEW YORK: US stocks slid on Thursday, with investors reassessing big tech's massive AI spending spree as they digested high-profile earnings and crucial inflation data the day after the Federal Reserve held US interest rates steady.
All three major US equity indexes lost ground, with the tech-laden Nasdaq losing the most in the wake of Alphabet's disappointing quarterly results released late Wednesday.
Semiconductor stocks snapped their four-day winning streak, dropping 1.4% as investors sought to distinguish between companies that can fund their lofty AI ambitions and those that burn through cash and borrow funds to realize their goals.
