Worries over an impending interest rate hike sent shockwaves through the tech industry, causing stocks to tumble amidst a backdrop of relentless spending on artificial intelligence.
As investors grappled with the prospect of higher borrowing costs, tech giants that have been aggressively investing in AI research and development saw their shares take a significant hit.
Despite the current AI spending spree, the looming interest rate hike has sparked fears of a potential slowdown in the sector, prompting investors to reevaluate their portfolios and leading to a sharp decline in tech stocks.
Original news story via NBC News.