Technology Stocks Slide Amid AI Spending Concerns

Technology stocks fell Friday as geopolitical tensions between the US and Iran, rising Treasury yields near 4.5%, and concerns over aggressive AI spending drove a broad market selloff. The Magnificent Seven led losses—Microsoft down about 24% year-to-date, Meta roughly 18%, Nvidia about 11%—while the S&P 500 fell 1.3% and the Nasdaq dropped 1.8%, prompting risk-off flows into gold and bonds.