Big Tech Loses Nearly $900 Billion on AI Doubts
Amazon shares fell 7% and Intel fell 25% in premarket trading Friday, extending a weekly rout that has erased nearly $900 billion in Big Tech market value, with Alphabet losing $500 billion.
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- OpenAI trims fundraising target. OpenAI cut its latest fundraising goal to up to $20 billion. The round reportedly falls short of expectations as broader worries about AI spending grow.
- Treasury sets 5.51% I bond rate. The Treasury Department set a new 5.51% Series I bond rate through April 2027, an inflation-protected option for savers over the next six months.
- GM pays $220 million over driver data. GM will pay $220 million in a multistate settlement after selling customers’ Smart Driver data to insurance companies without clear consent.
- Binance restores 90% of hacked assets. Binance resumed withdrawals after replenishing 90% of the $6.3 billion stolen in the record hack, which the FBI formally attributed to North Korean group TraderTraitor.
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