Tech stocks fall for third time in a few weeks
By the AFREEQUE newsroom, based on Daily Maverick
Tech stocks fell sharply again last week, for the third time in a few weeks, before a slight rebound on Friday and Monday. The Democratic wave in the US midterm elections, seen as a rejection of major artificial intelligence infrastructure projects, could be the trigger, according to Daily Maverick.
Tech stocks fell sharply again last week, for the third time in a few weeks, according to Daily Maverick. The Nasdaq dropped 5.5% on Thursday and closed at its lowest of the day, and is now in correction. Japan’s Nikkei has entered a bear market, with a fall of more than 20% from its June peak.
The trigger is thought to be the Democratic wave that swept the US midterm elections on Tuesday, a vote that markets saw as a public rejection of the vast infrastructure projects underpinning the artificial intelligence boom. After a brief rise on Wednesday, investors were shaken by Thursday’s fall. The South African market, meanwhile, ended the week higher, with the Johannesburg Stock Exchange (JSE) showing notable resilience in the face of American and Asian losses.
