World
US tech stocks see sharp falls as AI spending nears $1tn
Shares in Intel continue to fall while the tech-heavy Nasdaq opens at its lowest level in more than two months.
BBC World•
Tech stocks tumbled for the second day in a row as concerns rise over the hundreds of billions of dollars firms are investing in artificial intelligence (AI).
Shares in Intel plummeted by as much as 30% on Friday, following Google owner Alphabet's stock price plunging by more than $500bn (£374bn) in the previous day's trading.
Other tech stocks including Reddit and Amazon also fell, while the Nasdaq index of the largest tech firms listed in the US, sank over 3.5%.
The company has committed to spending $220bn this year alone, putting the money towards investments such as AI data centres, network equipment, and servers.