Tech Shares Hold Plunge After PPI
Futures tracking US equities remained mixed as pressure on AI infrastructure offset resilience in traditional economic sectors. The S&P 500 eased 0.4% and the Nasdaq 100 slumped almost 1.4%, its sixth decline in seven sessions. Chip producers and AI hyperscalers sank further after Anthropic disclosed third-quarter sales figures that slowed from the pace earlier this year and missed most estimates, reinforcing skepticism that soaring expenditure in the sector may not translate into returns. Micron, Intel, AMD, and Marvell dropped over 4% premarket, while Seagate and Western Digital tumbled 6%. On top of that, hot producer inflation consolidated bets of a Fed hike this year to add stress on datacenter operators that took record-levels of debt to finance buildouts. Still, the Dow edged higher as a rally in Treasuries as markets pivoted from speculative assets into lower-risk alternatives. Walmart added 3% and Eli Lilly gained 2%.
Futures tracking US equities remained mixed as pressure on AI infrastructure offset resilience in traditional economic sectors. The S&P 500 eased 0.4% and the Nasdaq 100 slumped almost 1.4%, its sixth decline in seven sessions. Chip producers and AI hyperscalers sank further after Anthropic disclosed third-quarter sales figures that slowed from the pace earlier this year and missed most estimates, reinforcing skepticism that soaring expenditure in the sector may not translate into returns. Micron, Intel, AMD, and Marvell dropped over 4% premarket, while Seagate and Western Digital tumbled 6%.
On top of that, hot producer inflation consolidated bets of a Fed hike this year to add stress on datacenter operators that took record-levels of debt to finance buildouts. Still, the Dow edged higher as a rally in Treasuries as markets pivoted from speculative assets into lower-risk alternatives. Walmart added 3% and Eli Lilly gained 2%.