What are the latest developments impacting the Nasdaq?
Here's your afternoon TNB Tech Minute for Thursday, February 5th. I'm Julie Chang for The Wall Street Journal. Investor jitters about tech stocks and the health of the U.S. labor market sent stocks lower today. The Nasdaq composite fell again, dropping 1.6%, and adding to losses suffered Tuesday and Wednesday, its worst two-day pullback since last April's tariff turmoil.
Microsoft stock lost nearly 5%, while Alphabet paired losses, edging about 0.5% lower.
Google's parent company said it could make up to $185 billion of AI-linked capital investments this year. And a weak forecast from Qualcomm pushed the chipmaker's shares down about 8.5%. In crypto, the recent pressure on Bitcoin showed few signs of letting up. The cryptocurrency sunk to about $63,000, and shares in corporate Bitcoin investor Strategy slid 17%.
In earnings, Amazon reported that sales rose to more than $213 billion in the fourth quarter, following a solid holiday shopping season and strong growth in the company's data center business. Net profit for the period was more than $21 billion, in line with analyst expectations. The company is increasing AI-related spending while cutting costs.
It said it's expected to make capital expenditures of $200 billion this year. Shares closed down over 4%. And NVIDIA is warning the Trump administration that recently released rules governing chip exports to China are too strict and would destroy demand.
People familiar with the matter say the company also told officials that the requirements may wreck Trump's plan for the government to profit from the exports by getting a 25% cut of the sales. For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.
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