Markets Pull Back as Tech and Crypto Trades Dry Up
TL;DR Summary
Risk appetite across Wall Street has cooled as investors retreat from crowded trades in tech stocks, gold, and cryptocurrencies amid valuation concerns and worries about AI disruption and policy risks; the selloff spilled into indices, with the S&P 500 and Nasdaq down, Bitcoin dropping about 13% to around $63,000, and Amazon’s plans to spend heavily on data centers and chips adding to investor caution about AI investments and stretched valuations.
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