Key insights
- Tech stocks face continued pressure after last week's sell-off. Social media companies like Alphabet and Meta are under scrutiny following a social media addiction trial. AI startup Mistral AI raised $830 million, potentially benefiting Nvidia. Anticipation builds for Anthropic's IPO and SpaceX's potential record-breaking IPO. Overall, the news suggests mild negative sentiment for the tech sector.
Tech stocks remained under pressure on Monday after a brutal sell-off last week that sent the tech-heavy Nasdaq Composite (^IXIC) index into a correction.
Investors continued to assess the fallout from a social media addiction trial that found Alphabet’s (GOOG, GOOGL) YouTube and Meta (META) liable for harm done to a young user.
On Monday, French AI startup Mistral said it raised $830 million to finance a data center powered by Nvidia’s (NVDA) advanced chips.
Meanwhile, anticipation built around Anthropic’s (ANTH.PVT) IPO, expected as early as this year, and the public debut of Elon Musk’s SpaceX (SPAX.PVT), widely expected to be the largest IPO of all time.
Read more about today's market action.