Tech Rout Slams Bitcoin Below $65K Amid AI Disruption Fears
The tech sector's sudden downturn triggered a broad risk-off move across equities, commodities, and cryptocurrencies, sending Bitcoin below $65,000. The Nasdaq Composite dropped over 2% on Thursday as investors dumped shares of companies tied to AI amid fears that rapid advances in artificial intelligence could disrupt entire sectors.
The Dow Jones Industrial Average fell roughly 1.3%, or more than 650 points, while the S&P 500 shed 1.6%. Companies like Nvidia, Meta, Amazon, and Apple posted steep losses, with Apple falling around 5%.
Cisco Systems tumbled over 12% after issuing a weak profit outlook that overshadowed rising sales linked to Big Tech's AI buildout. Gold futures sank 3% as investors rotated into Treasuries and safe-haven currencies including the dollar and Swiss franc.