U.S. tech shares fell as investors questioned the sustainability of rising
AI-related spending. The Nasdaq slid 2.6%, its largest single-day drop since
June, while the blue‑chip‑heavy Dow rose 0.02%. Major AI-related names weakened:
Meta fell 7% after disclosing further large spending commitments and missing
profit expectations despite strong revenue growth. Nvidia’s CEO warned capital
is insufficient to support growth of so‑called “neoclouds” — new cloud providers
that would supply digital infrastructure to large AI customers such as Meta and
Amazon — stoking sector capital‑intensity concerns. SpaceX, Nvidia and CoreWeave
shares also dropped. The Philadelphia Semiconductor Index plunged 6.7%. Risk‑off
flows pushed investors into U.S. Treasuries, driving yields sharply lower.
