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US markets struggle amid tech sell-off and economic uncertainty

about 5 hours ago
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Wall Street came under pressure on Thursday, enduring its worst day in a month as a sell-off of technology stocks intensified.After an extraordinary rally around hopes for artificial intelligence that propelled global stock markets to record highs, fears that tech firms are now overvalued loom large.Investors are also braced for the release of a batch of official data on the state of the US economy, amid heightened uncertainty over its strength during the federal government shutdown.The benchmark S&P 500 and the Dow Jones industrial average each closed down 1.7% in New York on Thursday, while the tech-focused Nasdaq Composite dropped 2.

3%.Nvidia, the $4.5tn tech company, led tech stocks lower.It declined 3.6% as it continues to grapple with the fallout from the disclosure by Japanese investor SoftBank that it had sold its entire stake in the firm for $5.

8bn.“There’s a lot of uncertainties about the state of the economy,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.“What we’re going through is a little bit of a correction in the market in the AI sector and we’re seeing market rotation.”With the longest US government shutdown in history now over after more than 42 days, federal officials are preparing to publish a string of highly anticipated economic data reports, including on jobs and inflation.Remarks by senior Federal Reserve officials meanwhile tested market confidence that the central bank is preparing to again cut interest rates at its upcoming meeting next month.

“We need to proceed and tread with caution,” said Alberto Musalem, president of the Federal Reserve Bank of St Louis.Kevin Hassett, director of Donald Trump’s national economic council, said on Thursday that the jobs report for October would show how many jobs had been added or lost in the labor force that month, but not include the headline unemployment rate.The Bureau of Labor Statistics stressed that it hoped to publish data on employment “as soon as possible”, but cautioned that it “may take time to fully assess the situation” before finalizing revised release dates.
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UK firms can win a significant chunk of the AI chip market | John Browne

The UK is in a uniquely promising position, far too little understood, to play a lucrative role in the coming era of artificial intelligence – but only if it also grabs the opportunity to start making millions of computer chips.AI requires vast numbers of chips and we could supply up to 5% of world demand if we get our national act together.Our legacy in chip design is world-class, starting with the first general-purpose electronic computer, the first electronic memory and the first parallel computer. Today we have Cambridge-based Arm, a quiet titan designing more than 90% of the chips powering phones and tablets globally.​With such a pedigree, it is not idle daydreaming for British companies to win a significant chunk of the AI chip market; 5% is a conservative, achievable ambition

1 day ago
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EU investigates Google over ‘demotion’ of commercial content from news media

The EU has opened an investigation into Google Search over concerns the US tech company has been “demoting” commercial content from news media sites.The bloc’s executive arm announced the move after monitoring found that certain content created with advertisers and sponsors was being given such a low priority by Google that it was in effect no longer visible in search results.European Commission officials said this potentially unfair “loss of visibility and of revenue” to media owners could be a result of an anti-spam policy Google operates.Under the rules of the Digital Market Act (DMA), which governs competition in the tech sectors, Google must apply “fair, reasonable and non-discriminatory conditions of access to publishers’ websites on Google Search”.Commission officials said the investigation was not into the overall indexing of newspapers or their reporting on Google Search, just into commercial content provided by third parties

1 day ago
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Anthropic announces $50bn plan for datacenter construction in US

Artificial intelligence company Anthropic announced a $50bn investment in computing infrastructure on Wednesday that will include new datacenters in Texas and New York.“We’re getting closer to AI that can accelerate scientific discovery and help solve complex problems in ways that weren’t possible before,” Anthropic’s CEO, Dario Amodei, said in a press release.Building the massive information warehouses takes an average of two years in the US and requires copious amounts of energy to fuel the facilities. The company, maker of the AI chatbot Claude, popular with businesses adopting AI, said in a statement that the “scale of this investment is necessary to meet the growing demand for Claude from hundreds of thousands of businesses while keeping our research at the frontier”. Anthropic said its projects will create about 800 permanent jobs and 2,400 construction jobs

2 days ago
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Waymo announces that its robotaxis will drive freeways for the first time

Alphabet’s Waymo said on Wednesday that it would begin offering robotaxi rides that use freeways across San Francisco, Los Angeles and Phoenix, a first for the Google subsidiary as it steps up expansion amid global and domestic competition in the self-driving industry.Freeway rides will initially be available to early-access users, Waymo said. “When a freeway route is meaningfully faster, they can be matched with a freeway trip, providing quicker, smoother, and more efficient rides,” it said.Waymo, which already operates in parts of the San Francisco Bay Area, is also extending operations to San Jose, including Mineta San Jose international airport, the second airport in its service area after Phoenix Sky Harbor.The move comes as Tesla expands its robotaxi service with safety monitors and drivers, and Zoox – backed by Amazon – offers free robotaxi rides on and around the Las Vegas Strip

2 days ago
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A tax roadmap for electric cars | Letters

Rachel Reeves’s proposal to introduce a pay-per-mile tax levy on electric vehicles is idiotic, especially suggesting that hybrid vehicles will have a reduced rate and still pay the usual road tax (Rachel Reeves considering pay-per-mile tax for electric vehicles in budget, 6 November). Furthermore, requiring drivers to predict their yearly mileage in advance and then pay or reclaim the difference for actual mileage depending on whether they have underestimated or overestimated it is too cumbersome. If the DVLA is to oversee the collection/repayment system, it will undoubtedly need to recruit more staff or outsource the arrangement, with all the attendant pitfalls that would entail.The fairest way for the taxation of all motorists is to abolish the road tax and introduce a road toll system, as used on the Dartford crossing and the M6 toll road. Automatic number plate recognition (ANPR) would need to be an essential feature

2 days ago
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Tech companies and UK child safety agencies to test AI tools’ ability to create abuse images

Tech companies and child protection agencies will be given the power to test whether artificial intelligence tools can produce child abuse images under a new UK law.The announcement was made as a safety watchdog revealed that reports of AI-generated child sexual abuse material [CSAM] have more than doubled in the past year from 199 in 2024 to 426 in 2025.Under the change, the government will give designated AI companies and child safety organisations permission to examine AI models – the underlying technology for chatbots such as ChatGPT and image generators such as Google’s Veo 3 – and ensure they have safeguards to prevent them from creating images of child sexual abuse.Kanishka Narayan, the minister for AI and online safety, said the move was “ultimately about stopping abuse before it happens”, adding: “Experts, under strict conditions, can now spot the risk in AI models early.”The changes have been introduced because it is illegal to create and possess CSAM, meaning that AI developers and others cannot create such images as part of a testing regime

3 days ago
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China voices ‘extreme disappointment’ with Dutch minister at centre of car chip row

about 3 hours ago
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People in the US: how are your holiday shopping plans being affected by Trump’s tariffs and the cost of living?

about 3 hours ago
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Personal details of Tate galleries job applicants leaked online

about 3 hours ago
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AI firm claims it stopped Chinese state-sponsored cyber-attack campaign

about 5 hours ago
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Alexander Zverev v Felix Auger-Aliassime: ATP Finals tennis – live

about 1 hour ago
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Sean Bowen looks real McCoy at Cheltenham in emulating legend’s never-say-die ride

about 3 hours ago