Overview
- The seven biggest U.S. tech firms shed more than $850 billion in market value over the past week, with Microsoft down 6.5% and on pace for its worst quarter since 2008.
- Bond yields climbed as investors braced for higher inflation, which cut the odds of Federal Reserve rate cuts this year and lowered the present value of far-off tech earnings.
- A jury found Meta and Alphabet negligent for failing to protect young users, and the ruling drove Meta to an 11% weekly drop and pushed Alphabet down nearly 9%.
- Alphabet research describing a way to cut AI memory use jolted chip stocks, with Sandisk and Micron sliding after Thursday’s sell-off despite a partial rebound Friday.
- Apple was the lone gainer on reports it may open Siri to rival AI services, as broader stress spread with the Nasdaq in correction and the VIX topping 30 for the year’s high.