Futures trading pointed to falls on Wall Street later in the session, including a more than 2% drop in the tech-heavy Nasdaq 100. (AFP pic)LONDON: Tech shares slumped on Friday and US bonds surged toward their biggest monthly gain in nearly three years, as investors scurried to safety due to worries that huge and rising AI spending may not deliver sufficient returns.
Futures trading pointed to falls on Wall Street later in the session, including a more than 2% drop in the tech-heavy Nasdaq 100 that came alongside an out-of-hours plunge of 23% in Intel shares and a drop of 7% in Amazon as their results showed they burned through cash.
Shares in Google parent Alphabet fell 12.6% on Wall Street on Thursday and slid a little further after hours, to wipe out a stunning US$500 billion in market value, as massive AI spending turned the company's cash flow negative.
