Tech sell-off drives US markets down by nearly $1tn after subpar earnings reports

Big tech stocks are faltering as investors <a s worst day on record, following disclosures to investors that it burned through more cash during the summer than in the spring due to similar, massive investments in AI.

Concerns are mounting over whether these hundreds of billions of dollars will generate sufficient profit and productivity to justify the AI inflation and elevated fuel prices. These expectations were the primary drivers that pushed the S&P 500 to its record high earlier this month.