Tech stocks erase $1 trillion of wealth as oil surges to $110 for the first time since May
The sharp drop in tech shares came as concerns resurfaced about ballooning AI debt, rising interest rates and high gas prices.
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Tech stocks shed more than $1 trillion in value Friday, as the price of oil soared to its highest levels in five months.
The Nasdaq 100 index, which tracks most of the country’s largest tech and AI-linked companies, sold off by 2.5% and now sits about 7% below its most recent all-time high — a record it had only notched last week.
