EconomyNasdaq 100 falls as AI trade shows new cracks

A global rally in technology shares faltered after disappointing results from two industry heavyweights revived doubts about whether hundreds of billions of dollars in AI spending will generate sufficient returns. Alphabet fell a record 13% after missing sales estimates, while Microsoft is seeking to raise at least $25 billion through a US investment-grade bond sale. Amazon and Intel are due to report after Thursday’s close.