Shares of Meta Platforms sank 13% on Thursday, sparking a selloff in big technology stocks after the social media firm signaled its costly bet on AI could take years to pay off. The drop was set to erase nearly $170 billion from the company's market value and triggered a fall of 3% to 4.2% in shares of AI-focused Microsoft and Alphabet and advertising-reliant Snap.
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U.S. stocks opened sharply lower on Thursday, dragged down by growth stocks after dour quarterly results from Meta Platforms, while signs of persistent inflation dampened hopes of the Federal Reserve cutting interest rates anytime soon.The Dow Jones Industrial Average fell 408.83 points, or 1.06%, at the open to 38,052.09.The S&P 500 opened lower by 51.75 points.
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There haven't been many success stories as outstanding as Amazon (NASDAQ: AMZN). This business has grown rapidly over the past couple of decades and now dominates multiple sectors, with customers using its products daily.This "Magnificent Seven" stock has crushed it for investors, rising 975% in just the past 10 years (as of April 19).
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