AI linked tech stocks and rising oil hit Wall Street
Business
Wall Street had a rough Friday, with tech stocks linked to AI and rising oil prices pulling markets down.
Big names like CoreWeave and Broadcom saw sharp drops, leading the Nasdaq to fall over 4% this week.
Investors are uneasy about these companies managing debt as borrowing costs climb.
CoreWeave down 12% Broadcom down 3.6%
CoreWeave's stock slid 12% on Friday alone (down 25% in just five days) while Broadcom dropped 3.6%.
The chip sector struggled too, with Broadcom and the PHLX chip index both losing ground.
Oil prices jumped over 3% due to Middle East supply concerns, adding more pressure.
Meanwhile, all eyes are on Anthropic's upcoming IPO, which could shake up the market even more.