Shares of technology companies slid as long-term Treasury yields hit a 12-year high.
“Elevated yields will serve as a headwind to equities through the end of the month and perhaps the end of the year as the risk free rate of return continues to bludgeon the high multiples” on mega cap tech stocks, said Alex McGrath, chief investment officer for money manager NorthEnd Private Wealth.
Intel said it needs 3,000 people to staff the semiconductor factory it plans to build in eastern Germany by the end of the decade.
Amazon.com shares fell after the Federal Trade Commission said it was suing the online megastore, alleging that it was a monopolist that strategically prevents competition by controlling so many elements of online selling.
Meanwhile, the Department of Justice antitrust case against Google has revealed revenue-sharing deals the search giant struck with Apple, Samsung and other smart-phone makers to ensure its search engine was the default option.
OpenAI is talking to investors about a possible share sale that would value the artificial-intelligence startup behind ChatGPT at between $80 billion to $90 billion, almost triple its level earlier this year, The Wall Street Journal reported.
Write to Rob Curran at [email protected]
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