US tech stocks tumble as investors fret over AI spending

The Nasdaq Composite fell 2.6 percent on Thursday, its steepest drop since June 5, while the S&P 500 slid 1.21 percent as investors questioned the sustainability of enormous AI investments. Meta lost nearly 7 percent after raising its projected capital spending to $135–145 billion, even as its net profit fell short of expectations. Amazon, Nvidia, Tesla, Alphabet and Microsoft also declined, while Apple gained 1.2 percent. Oil’s rise amid fallout from the US-Israel war on Iran added to market jitters, with Brent crude climbing above $114.20 a barrel.