Global tech rout intensifies as shares extend losses, Nasdaq down over 2%

New York [US], June 23 (ANI): The sell-off in global tech stocks intensified on Tuesday as investors became wary of the frenzy around AI, adopting a more cautious approach and evaluating the next steps on how to navigate the technology’s soaring costs.

Nasdaq 100 extended the selloff opening more than 2 per cent lower on Tuesday, with memory chip heavyweight Micron down more than 11 per cent. The S&P 500 fell 1.6 per cent while the Dow Jones Industrial Average dropped around 0.7 per cent as investors weighed concerns around rising AI costs along with a hawkish US Fed.