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Stock impact report

US stocks drop as investors try to separate AI losers from winners [Globe and Mail, The (Toronto, Canada)]

Applovin Corporation - Class A (APP) 
The S&P 500 fell 1.1% after erasing an early gain that brought it nearly to its all-time high . The Dow Jones Industrial Average was down 515 points, or 1%, as of 1:59 p.m. Eastern time, and the Nasdaq composite was 1.5% lower. AppLovin tumbled 17.5% despite reporting a stronger profit for the latest quarter than analysts expected. Like other software companies, it's come under pressure recently from worries that AI may undercut its business while fundamentally changing how people use the internet. It's stock is down over 40% so far this year. AppLovin CEO Adam Foroughi pushed back on such worries, saying in a conference call with analysts that indicators show his company is doing well. “There's a real disconnect between market sentiment and the reality of our business,” he said. Cisco Systems dropped 11.5% despite topping analysts' expectations for profit and revenue last quarter. The tech giant indicated that it may make less profit off each $1 of revenue during the current q Show less Read more
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