Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough

A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.

The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Down Jones Industrial Average fell less.

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© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough

A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.

The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Down Jones Industrial Average fell less.

Continue reading...

© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

A top executive of a Singapore AI cloud company that was accused of illegally selling Nvidia chips to China could also have been a Chinese spy, sources have told the New York Times.

Jensen Huang reported to have had close relationship with tech company executive suspected of passing intel to China

US intelligence agencies believe the Nvidia chief executive, Jensen Huang, has been targeted by an alleged Chinese spy who had done business with him, according to a new report by the New York Times.

Alice Huang or Huang Le, of no relation to the Nvidia CEO, is an executive at a Singapore-based datacenter company called Megaspeed. She had previously been suspected of smuggling Nvidia chips to China, prompting American officials to surveil and monitor her. Those officials have determined that she was acting as a Chinese intelligence asset, passing commercial information to Beijing, the New York Times reported, citing unnamed sources.

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© Photograph: Sean Gallup/Getty Images

© Photograph: Sean Gallup/Getty Images

© Photograph: Sean Gallup/Getty Images

Jensen Huang reported to have had close relationship with tech company executive suspected of passing intel to China

US intelligence agencies believe the Nvidia chief executive, Jensen Huang, has been targeted by an alleged Chinese spy who had done business with him, according to a new report by the New York Times.

Alice Huang or Huang Le, of no relation to the Nvidia CEO, is an executive at a Singapore-based datacenter company called Megaspeed. She had previously been suspected of smuggling Nvidia chips to China, prompting American officials to surveil and monitor her. Those officials have determined that she was acting as a Chinese intelligence asset, passing commercial information to Beijing, the New York Times reported, citing unnamed sources.

Continue reading...

© Photograph: Sean Gallup/Getty Images

© Photograph: Sean Gallup/Getty Images

© Photograph: Sean Gallup/Getty Images

Nvidia just released a free speech-to-text model that can transcribe up to 40 languages, but it only works on recordings, not live audio, so it’s a big step for meeting and medical transcription tools while still leaving real-time use to rivals like ElevenLabs.

Simplismart says its annualized revenue run rate has grown fourteenfold in six months, with the U.S. accounting for more than half its revenue.

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The company plans to begin testing Pony.ai's robotaxis in Kazakhstan's capital in the first half of 2027.

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Nvidia is leaning hard into the trend of enterprise companies wanting to run their own open models in their own data centers and also trying to make on-device, private AI agents a thing.