Tech stocks tumbled for the second day in a row as concerns rise over the hundreds of billions of dollars firms are investing in artificial intelligence (AI). Shares in Intel plummeted by as much as 30% on Friday, following Google owner Alphabet's stock price plunging by more than $500bn (£374bn) in the previous day's trading. Other tech stocks including Reddit and Amazon also fell, while the Nasdaq index of the largest tech firms listed in the US, sank more than 3.5%. While tech firms are spending big on AI, their earnings are not always meeting analysts' expectations, spooking investors and creating fears of an AI bubble.
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