Tech stocks plunge

Global stock markets are experiencing a significant downturn, primarily driven by fears of a US recession and skepticism surrounding the viability of artificial intelligence (AI) investments. Key tech shares, including those of Apple and Nvidia, have seen substantial declines, resulting in nearly $1 trillion being wiped off the market value of major companies in the sector. This sell-off was exacerbated by Berkshire Hathaway's reduction of its stake in Apple and disappointing job market reports, which have led investors to question the sustainability of the tech boom. Analysts indicate that the initial excitement surrounding AI is fading, with concerns about overhyped expectations and unfinished products. Furthermore, a recent study suggests that consumer distrust of AI, particularly among older demographics, could negatively impact tech sales, as they express skepticism about its benefits versus risks. The culmination of these factors highlights a precarious moment for the tech industry as it navigates investor sentiment and market volatility.