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.

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.

Several Mississippi homes have been purchased near datacenters and one resident said realtor outlined target to buy more than 400

People in a Mississippi neighborhood, many of whom dislike a nearby power plant central to Elon Musk’s artificial intelligence ambitions, have received a stark offer – to sell their houses to his company and make way.

Real estate agents have been going door to door in Southaven, Mississippi, on behalf of xAI, touting a deal to purchase houses as long as the owners agree to not join a lawsuit against the company over the power plant’s noise. (Musk’s AI company officially became SpaceXAI in July and has lately been rebranded as SpaceXSI but to neighbors of the datacenter in Mississippi, it remains xAI.)