Shares of technology companies fell after Federal Reserve Chairman Jerome Powell acknowledged some valuation concerns.
Powell said the central bank did not think a recent selloff of AI issues should raise concerns about financial conditions, noting that both banks and households were generally in a good financial position. Nevertheless, Powell said the Fed was watching the situation and said that some equity valuations appeared elevated.
Microsoft shares fell after the software giant's earnings report showed slowing growth at the key cloud-computing operations in the latest quarter. Microsoft was among the tech stocks whose shares took flight last year after affiliate OpenAI's breakthroughs on generative artificial intelligence.
Tesla shares rallied amid anticipation of more details on its robotaxi plans. OpenAI has now been blindsided by breakthroughs from Chinese rival DeepSeek. Sam Altman's firm said it's investigating whether Chinese artificial-intelligence startup DeepSeek trained its new chatbot by repeatedly querying the U.S. company's AI models.
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