Nasdaq lags on angst over AI spending ahead of earnings reports

The tech-heavy Nasdaq declined on Friday as investors sold chip stocks, driven by concerns over massive artificial intelligence spending ahead of upcoming megacap earnings reports. Although falling oil prices provided some support to Wall Street, the market remained pressured by these AI-related anxieties. This downturn occurred as investors navigated the volatility of the tech sector while monitoring geopolitical tensions in the Middle East and awaiting the next batch of critical corporate financial results.