Technology companies pressured Wall Street – SpaceX collapsed 16 percent

Wall Street’s stock prices turned lower from near record readings as a decline in tech giants overshadowed optimism about progress in U.S.-Iranian peace talks. The price of crude oil fell.

The S&P 500, which broadly tracks large companies, fell 0.4 percent. The flagship company index Dow Jones, on the other hand, strengthened by 0.3 percent. The technology-focused Nasdaq fell 1.3 percent.

Internet company Alphabet weakened by five percent. Like other technology giants, the company investing in artificial intelligence is lost its two notable AI leaders to competitors.

Winner of the 2024 Nobel Prize in Chemistry John Jumper said on Friday that he is moving to the developer of the Claude artificial intelligence model To Anthropic. Last week, the second driver of Google’s Gemini AI model Noam Shazeer said he was leaving the Google DeepMind lab to join the ChatGPT developer to Open AI.

Billionaire Elon Musk’s space company SpaceX:n the share plunged 16.4 percent. The company is preparing to issue its first investment-grade bonds to finance its AI ambitions. According to the news agency Bloomberg, SpaceX is aiming for at least $20 billion in funding.

Behind the decline of technology companies are doubts about the profitability of artificial intelligence investments.

“The benefits obtained as a counterweight to the giant investments of hyperscalers are still low. Another concern is related to so-called ring investments, where companies invest in each other and at the same time commit to buying each other’s products,” says Miller Tabakin chief market strategist Matt Maley Bloombergille.

Chip giant Nvidia decreased by one percent. A semiconductor company Broadcom decreased by 4.7 percent. Announcing its interim results on Wednesday, focused on memory chips Micron instead rose by 6.8 percent.

Electric car manufacturer Tesla rose 1.1 percent.

Iphone manufacturer Apple decreased by 0.3 percent. The software company remained in the bill Microsoft (-3.2 %), e-commerce and cloud service company Amazon (-4.8%) and a social media company Meta (-2,3 %).

Network equipment manufacturer on the New York Stock Exchange Nokia strengthened by seven percent. Nokia’s depository receipt or ADR is listed on the New York Stock Exchange.