Investors flee US tech stocks after mixed jobs results

Stock markets tumbled further as investors fled tech stocks, in what has been a tumultuous week after Nvidia’s better-than-expected earnings report briefly eased fears of a bubble.

Asian stocks fell, following declines in the S&P 500 and in European markets; Bloomberg suggested that a mixed US jobs report and concerns over whether the Federal Reserve will cut interest rates were also behind the drop.

AI may well be fueling a bubble, a leading expert wrote in The New York Times, but its broader impact could be profound: Investors are betting on “the potential transformation of the entire economy,” and while many of their bets may not come in, “the race itself will yield innovations” that could change the world.