Tech stocks lead Friday selloff as crypto breaks lower and gold and silver spike

Technology stocks led a broad market selloff on Friday, influenced by escalating geopolitical tensions between the US and Iran, rising Treasury yields, and concerns regarding substantial investments in artificial intelligence. The "Magnificent Seven" stocks experienced significant declines, with Microsoft, Meta, Nvidia, Alphabet, Tesla, and Amazon all posting losses. The S&P 500 and Nasdaq Composite also fell, reflecting tightening financial conditions. Simultaneously, cryptocurrency markets joined the downturn, with Bitcoin and Ethereum dropping in value. Conversely, traditional safe-haven assets like gold and silver saw price increases, though analysts suggest this is a short-term reaction to geopolitical risk. Concerns are mounting over whether the large capital expenditures for AI will yield sufficient returns, leading to workforce reductions at companies like Meta and Amazon. Apple's strategy of partnering for AI capabilities appears to be mitigating some of these pressures.

(Source：Crypto Briefing)