Stephen Carroll

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This is Bloomberg Tech.

Coming up, the Nasdaq 100 falls into correction territory as big tech stocks keep fooling the Iran war, rattling investor confidence.

Plus, Meta is set to fund the construction of seven new natural gas-fired energy plants.

fuel its Hyperion data center in Louisiana.

And Anthropic is said to be looking to IPO as soon as October.

This is the AI company wins a court order blocking a Trump ban on government use of its AI tool.

Welcome to the program.

Happy Friday, but less happy in financial markets where technology stocks have entered correction territory.

Look at

how the Nasdaq 100 has traded over the last six months or so.

And you can see that as we kind of got into the beginning of 2026, we've gone from those highs down to a bit of a trough.

That's been driven by partly the war in Iran and geopolitics, but also a very deep assessment of AI spending, capital expenditures and cash flows relating to AI.

Case in point and a case study is Microsoft.

Microsoft is on track to have its worst quarter since 2008, the worst quarter since the financial crisis.

And a big part of that, including the activity we're seeing in this session, is the commitment to AI infrastructure build out, the financing of it, and what's underpinning investor confidence right now.

Then there's the news flow in the moment.