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US AI stock sell-off shakes markets from Wall Street to Asia

theguardian.com

June 24, 2026

2 min read

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43/100

Summary

Global markets experienced a tech sell-off, with the Nasdaq index closing 2.2% lower and the S&P 500 down 1.43%. Despite this, all three major US indices have reached record highs this year due to increased funding for AI technology and infrastructure.

Key Takeaways

The tech-heavy Nasdaq index closed 2.2% lower, while the S&P 500 dropped 1.43% amid a global market sell-off focused on AI companies and chipmakers.
Economists have raised concerns that the current influx of AI spending resembles a bubble similar to the dot-com bubble of the early 2000s.
Alphabet's share price fell 5% after high-profile AI researchers left the company, contributing to the stock market decline.
SpaceX's stock dropped 16% following its IPO, as the company announced plans to raise $20 billion in a bond sale to fund AI and infrastructure projects.

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Community Sentiment

Mixed

Positives

Today's AI leaders are generating significant cash flows, indicating a more stable foundation compared to the dot-com bubble, which could lead to sustainable growth.

Concerns

Many new AI companies lack an existing revenue base, relying heavily on investor funding, which raises concerns about their long-term viability.
The comparison to the dot-com bubble highlights fears of a potential valuation reset, suggesting that the current market may be overvalued.