US capital markets lost over $3tn today, marking the largest drop since March 2020 (Covid-19 times), due to a slowing economy and the bursting of the AI bubble. Investors are dissatisfied with the returns on multi-billion dollar AI investments by IT giants.
Weak US jobs growth has fueled fears of an economic slowdown:
⚫Nasdaq dropped over 2%, led by disappointing results from Intel and Amazon
⚫The Dow Jones and S&P 500 also fell nearly 2%
⚫Japanese stocks saw their biggest drop since 1987, with the Nikkei 225 closing nearly 6% lower
⚫The crypto market, however, increased by 0.43% in the past 24 hours
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