Nasdaq Sheds $2 Trillion on AI-Spending Fears — SkimNews
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- Nasdaq bore a $2 trillion October wipeout as fears about AI spending deepened, closing the month amid a broad sell-off.
- Tech stocks shed $1 trillion in value as concern about the AI boom grew, while the Dow and S&P 500 were also hit at October’s close.
Why it matters: Tech-stock holders saw $1 trillion in value erased, while the Nasdaq’s October wipeout reached $2 trillion and the Dow and S&P 500 also fell at month’s close. The cross-index retreat means AI-spending anxiety was affecting the broader market, not only the technology sector.
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