Stocks rebound after a dramatic week sparked by ongoing AI uncertainty [MSNBC.com]
Apple Inc. (AAPL)
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Source: MSNBC.com
The S&P 500 on Friday rose 1.97%, recording its best day since May as it rebounded from a week of dramatic selling, triggered yet again by the AI boom and what it will mean for the economy, companies and the labor market.The Nasdaq Composite also surged 2.18% on Friday. But the rebound masked a sell-off in many tech names.Shares of Amazon, the fifth largest public company in the world, sank 5.58% after it said Thursday that it planned to spend $200 billion in the coming year.That money is primarily expected to be spent on Amazon Web Services division, the largest cloud provider in the world.Since Monday, Amazon's stock has plunged 12% and shed more than $310 billion in market value.Two other tech giants, Microsoft and Meta, have met similar fates this week. Both companies also announced hundreds of billions of dollars in planned spending on AI this year.Collectively, Amazon, Microsoft, Meta and Alphabet plan to shell out around $650 billion this year to expand their data center and AI
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