Global smartphone shipments just hit their worst levels in over a decade, and Apple is caught in the middle of a costly AI arms race that threatens the product responsible for more than half its revenue.
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The biggest problems aren’t caused by what you don’t know, but what, as Mark Twain put it, “you know for sure that just ain’t so.” It’s there in the major indexes, where S&P 500 futures were down 0.9% in early Friday trading, while Nasdaq Composite futures were off 1.9%, and nearing correction territory. Chip stocks were supposed toe be unstoppable, driven by shortages and insatiable demand for artificial intelligence.
Investing.com - U.S. stock index futures fell sharply on Friday, pointing to a second straight day of losses on Wall Street as investors continued to reassess lofty technology valuations following a string of disappointing corporate updates tied to artificial intelligence spending.
Stock Market Today: The Dow Jones index dropped Friday as Netflix stock plunged on earnings. SpaceX shares sold off on a canceled test flight.
Chip makers are selling off premarket as investors pare back investments in artificial intelligence-linked stocks. Intel, Micron and Sandisk are on track to notch double-digit losses for the week, while large tech names in Asia have cratered.
8am: Wall Street futures lower as tech rout spreads Wall Street looked set for a sharply weaker open on Friday as a global sell-off in semiconductor stocks gathered pace, with disappointing corporate earnings adding to the risk-off mood. Futures pointed to the Nasdaq opening around 1.5%...
The ad tech giant faces formidable near-term and long-term challenges.
Ahead of the bell Wall Street looks set to be headed for the red with US stock futures falling on Friday, leaving the major indices on course for weekly losses as the semiconductor sell-off rolled on. Dow Jones futures slipped 0.6%, and S&P 500 contracts dropped around...
SpaceX investors can’t catch a break. Shares of Elon Musk’s rocket and AI company were down in premarket trading on Friday after the company scrubbed the thirteenth test of Starship. Musk said some of the engines didn’t start, triggering an automatic abort.
An engine ignition failure forced SpaceX to scrub a Starship test flight Thursday, sending the stock further below its $135 IPO price
Netflix shares are trading down more than 10% premarket after the company issued a third-quarter revenue forecast that raised concerns about its growth. The decline took off in earnest last year when Netflix was exploring a bid for Warner Bros. Discovery’s studio and streaming service. Netflix joins a list of other companies—including PayPal—whose stock soared during the pandemic and the following years, only to stumble as investors' attention turned to other areas of the market.
Meta Platforms (NasdaqGS:META) has been hit with a federal lawsuit filed by employees over AI-assisted layoffs. The suit alleges that Meta's use of AI in personnel decisions discriminated against protected groups, including workers with disabilities and pregnant employees. Plaintiffs are seeking to halt further layoffs and are calling for an independent audit of Meta's AI systems used in workforce management. Meta Platforms, the parent company of Facebook, Instagram, WhatsApp and other...
Pomel exercised vested stock options under a pre-established trading plan, reducing direct holdings by 17% while maintaining ~9 million derivative securities.
Intuitive Surgical (ISRG) shares fell early Friday as growth in the company's da Vinci robotic surge
U.S. stock futures fell as a selloff in companies linked to the artificial-intelligence buildout continued to reverberate across the globe.

<body><p>STORY: From a huge hit for SK Hynix shares to mass layoffs at Volkswagen.</p><p>:: The Week In Numbers</p><p>This is The Week In Numbers.</p><p>:: 15%</p><p>15% is the fall SK Hynix shares took in trading on Monday in the South Korean chip giants biggest one-day decline on record.</p><p>It came just days after it's U.S. listing as investors in Seoul cashed out of a massive share price rally following its Nasdaq debut last week.</p><p>Monday's stock drop kicked off a volatile week for the company's shares.</p><p>:: 25%</p><p>25% is the plunge IBM shares took after it signaled the AI infrastructure boom is drawing spending away from the software sector.</p><p>Big Blue said it expected revenue to rise just 1% in the second quarter, falling short of Wall Street hopes. </p><p>In a letter to investors, CEO Arvind Krishna said the firm had "faltered" in keeping pace with a shift in corporate spending from software to data-center infrastructure.</p><p>:: 11%</p><p>11% is the hit global smartphone shipments took in the second quarter falling to their lowest level for the period since 2013.</p><p>That's according to early estimates from Counterpoint Research, which said a memory chip shortage has driven up smartphone prices and dampened demand.</p><p>Memory chip prices have soared as suppliers prioritize AI data center customers over consumer electronics.</p><p>:: 50,000</p><p>50,000 jobs may need to be cut at Volkswagen to match the competitiveness of rivals.</p><p>That's what its CEO told staff in an internal memo.</p><p>It effectively confirms for the first time that the automaker is looking to reduce up to 100,000 positions.</p><p>Sources also told Reuters last month VW could close four German factories. </p><p>:: $14.8 billion</p><p>$14.8 billion is the equity value Uber placed on German firm Delivery Hero, as it launched a takeover bid of the food-delivery company.</p><p>Were a deal to go ahead it would create the largest food-delivery group outside China.</p><p>An acquisition would further the U.S. ride-hailing firm's efforts to build a global food-delivery business, as competition with U.S. and European rivals heats up.</p></body>
One tech journalist is naming names, tracing a potential AI market collapse to a single company whose finances, now verified by auditors, reveal a gap between revenue and costs that dwarfs anything Wall Street has publicly reckoned with.
SpaceX (NASDAQ:SPCX) shares declined around 4% in pre-market trading on Friday after the company halted the 13th test flight of its Starship rocket only minutes before its scheduled launch from Texas. Engine issue forces last-minute launch cancellationChief Executive Elon Musk said the launch was automatically aborted after several of Starship’s engines failed to ignite properly.
Netflix (NASDAQ:NFLX) shares dropped around 9% in pre-market trading on Friday after the streaming company issued third-quarter revenue and earnings guidance that came in below Wall Street forecasts, prompting renewed concerns about its near-term growth outlook. Third-quarter guidance falls short of expectationsNetflix expects third-quarter earnings of $0.
19% That's how much the PHLX Semiconductor Index has tumbled from its June high. The index's biggest components include AI heavyweights including Nvidia, Micron Technology, Broadcom and Applied Materials, all of which have come under pressure in recent weeks.
Zoom Communications stock has recovered in the shorter term yet is still carrying a steep 5 year decline, so the current question is whether the market price properly reflects what its intrinsic value models are suggesting. With the share price recently around US$92.92 and both the Discounted Cash Flow (DCF) estimate and earnings multiples pointing to undervaluation, investors are weighing up how much of that potential gap is justified by the underlying business and its risks. Over the past...
Stocks looked set to fall on Friday as investors carried on ditching chip makers, putting the market on track to extend its slump from the previous session. Nasdaq 100 futures dropped 1.8%. The three major indexes all closed in the red on Thursday, dragged down by a selloff in semiconductor heavyweights including Advanced Micro Devices, Broadcom, and Micron.
Plus, well-off boomers are upsizing, not downsizing—and a shortcut to private-equity riches is minting young millionaires.