Losses for Big Tech pull Wall Street
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Shares of an exchange-traded fund that focuses on seven Big Tech stocks were rising in late morning trading Wednesday, bouncing from their sharp drop on Tuesday. The Roundhill Magnificent Seven ETF was up 0.
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LISTEN: AI Drives Big Tech Layoff Bloodbath; Indie Streamer Dropout Raises Price and Fans Cheer
On today's 'Daily Variety,' AI collides with Big Tech jobs as layoff notices fly; indie streamer Dropout raises its price -- and fans don't complain.
Shares of major tech companies have fallen in the US and Japan over fears about the valuations of firms linked to AI.
Amazon shares surged after its cloud unit posted the strongest growth rate in almost three years. Apple projected a jump in sales over the holiday season after releasing new iPhones, helping to assure investors that its flagship product remains a growth engine.
Despite the risk of a bubble, Google, Meta, Microsoft and Amazon plan to spend billions more on artificial intelligence than they already do.
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Earnings season kicked into high gear last week when five of the Magnificent Seven members with a combined market value of over $15 trillion reported results.
Big tech firms not only hire talent, they also create business ecosystems, including platforms, incubators, marketplaces, cloud services, and ad networks. For Black entrepreneurs and small businesses in Black communities, being included in these ecosystems is critical for innovation, offering new pathways, community growth, and economic stimulus.