03/09/2024  Tech market values fall on AI costs and recession fears; Eli Lilly, Berkshire gain

Business


Market values of major tech firms declined in August amid concerns over escalating artificial intelligence infrastructure costs and rising recession risks that would make the stocks particularly vulnerable during a market correction.

Last month, Alphabet Inc's (GOOGL.O) lost 4.7% of its market value as a slowdown in YouTube's advertising sales fuelled concerns about its earnings. A U.S. judge's ruling that Google had violated antitrust laws and the emergence of new competition from OpenAI, which is developing an AI-based search engine prototype, also contributed to its shares' decline.



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