Big Tech's US$600 billion spending plans exacerbate investors' AI headache [BNN Bloomberg (Canada)]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
US:NYSE Investor Relations:
relx.com/investors/investor-overview
Company Research
Source: BNN Bloomberg
Amazon , which said its capital expenditure could double from a year ago, fell sharply in pre-market trading on Friday, while shares in other big tech companies rose and Wall Street stock futures firmed. Meanwhile, shares in data analytics firms continued to come under selling pressure on concerns that they face an existential threat from powerful new AI models. London-listed RELX shares were down 4.8 per cent and set for a 17 per cent tumble in their worst week since 2020, while the S&P 500 software and services index has fallen almost 10 per cent this week and India's IT index has shed around seven per cent. Alphabet and Amazon, members of the so-called Magnificent 7 group of the largest U.S. companies, revealed plans this week to spend much more than anticipated on AI infrastructure. While markets reacted with concern, knocking the shares, analysts said they have room because they are profitable. Although analysts said the stock market selloff has been overdone, investor
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