Tech firms take fresh hit as earnings misses fan AI fears

Tech firms were again on the back foot Friday after another round of disappointing earnings from Wall Street titans fanned already deep concerns about the AI investment boom.

Traders were also keeping an eye on bitcoin, which tumbled after the world’s largest crypto exchange said it had been hit by what analysts warned could be the biggest hack of its kind in the world.

AI-linked tech firms suffered steep losses after Amazon’s quarterly report fell short of analyst expectations on profit and revenue, and Intel’s expected income missed estimates owing to weak demand for PC processors and supply-chain problems.