Wall Street closes sharply lower as AI cash burn fears spark broad tech selloff
Investors dumped tech shares on worries that massive AI capital spending is eroding free cash flow, sending the Nasdaq to its worst month in over a year.
Investing · +15 outlets
Binance says $6.3 billion security breach is largest crypto theft on record
Binance says roughly $3 billion has been frozen and losses will be covered, while investigators race North Korea-linked hackers to recover funds.
CNBC · +13 outlets
Intel stock posts worst day since the 1970s, wiping about $12 billion off government stake
Intel's PC business is under pressure from memory-chip prices and weaker corporate IT budgets, and it is struggling to supply enough AI server chips.
CNBC · +14 outlets
Crude oil jumps after Iran says four tankers struck mines in the Strait of Hormuz
Tankers are still running the strait because soaring freight rates offer a big financial incentive, while Tehran disputes a US claim that shipping lanes are cle
Seekingalpha · +14 outlets
OpenAI cuts funding target by $10 billion to about $20 billion, FT reports
The lowered target comes as investors grow more skeptical of the returns on massive AI spending.
Investing · +8 outlets
Google Stock Plunges 12% on AI Fears, but Joseph Carlson Isn't Selling, Says Shares Look Cheap
Benzinga · +3 outlets
Oil giants Exxon and Chevron post blowout Q3 profits as refining margins soar
Both companies hit all-time highs as global diesel prices surged after Ukraine and Iran struck refineries in Russia and the Middle East.
CNBC · +13 outlets
Reddit shares plunge about 30% after Q3 search referral traffic falls meaningfully
The drop was Reddit's worst one-day fall ever, and analysts warn more bad news may follow as AI search squeezes referral traffic.
Deadline · +14 outlets
Fed officials say more rate hikes will be needed to fight inflation
Comments from Fed Presidents Alberto Musalem and Lorie Logan offer the first hints of the policy path after the central bank held rates steady.
MarketWatch · +14 outlets
Amazon Q3 shows record cash burn as AI build-out accelerates
AWS chief Andy Jassy says the cloud unit will be a $1 trillion business but requires heavy spending first, unnerving investors.
Yahoo Finance · +6 outlets
Meta outlook cut to negative by S&P on capex and free cash flow concerns
S&P Global Ratings flagged Meta's hefty AI capital expenditures and pressure on free cash flow.
CNBC · +14 outlets
US federal debt surpasses 100% of GDP for first time since World War II
Trump is the first president since Harry Truman to see the national debt reach the size of the economy.
24/7 Wall St. · +14 outlets
Gold sinks below $3,900/oz to a one-year low despite renewed Iran jitters
The tech rout drove a broad pullback in safe havens, with Wall Street turning bearish while retail investors stayed bullish ahead of the midterms and payrolls d
MarketWatch · +1 outlets
PCE inflation ticks higher in September, days before midterm elections
The data kept alive expectations for a year-end Fed rate hike and showed stronger third-quarter growth.
PBS · +5 outlets
Cracks emerge in the AI spending boom as hyperscalers pour in trillions
Tech giants are leaning on legacy businesses for growth as AI capital expenditures pressure free cash flow across the sector.
CNBC · +6 outlets
Nasdaq futures slide as Alphabet, Amazon and Intel lead tech rout
Futures pointed to steep losses as earnings from Google, Amazon, Intel, ServiceNow and Fortinet stoked AI spending worries; Caterpillar also missed.
Yahoo Finance UK · +11 outlets
Christine Lagarde resigns as ECB president, opening succession race before French election
The early exit lets EU leaders name a successor before France's election.
AP News · +1 outlets
Anthropic expected to get high junk credit rating after IPO, FT says
Blackstone reportedly told investors the AI developer may not secure an investment-grade rating following its listing.
TechCrunch · +1 outlets