The technology firms—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla—have all seen their share prices fall this month, with the Windows maker dropping the most at 17.5 per cent through Tuesday afternoon. It’s the Mag 7’s worst collective month in over a year. (Financial Times)

Talking point: AI is likely driving the downturn, just as it did the upswing that took several of the firms to valuations of multiple trillions of dollars. Alphabet, Amazon, Meta and Microsoft have all committed hundreds of billions of dollars to build more compute to train and run AI systems. Nvidia will likely make a significant share of the chips that fill all those new data centres. Still, some asset managers and retail investors are skeptical about when and whether all that AI spending will generate profits. Big Tech’s stock rout and SpaceX’s choppy performance after its initial public offering has reportedly led OpenAI to consider delaying its own listing plans.