U.S. Stocks Dive on AI Spending Fears

U.S. stocks experienced a sharp decline on Friday, driven by disappointing quarterly results from Amazon and Intel. The Nasdaq Composite fell nearly 3%, the S P 500 dropped almost 2%, and the Dow Jones Industrial Average decreased by 1%. This tech selloff was fueled by growing fears regarding AI spending. Simultaneously, tech stocks plunged further following a reported $6.3 billion hack of Binance, with industry sources suspecting North Korean involvement, which intensified broader security concerns.