US stocks ended mixed, with the Nasdaq Composite extending its decline as semiconductor shares were sold off amid concerns over massive investments in artificial intelligence. The Dow Jones Industrial Average rebounded, rising 235.60 points to 51,947.25, while the S&P 500 was nearly flat, up 3.68 points at 7,411.98. Alphabet's announcement that it would raise its capital spending plan by 15 billion dollars weighed on the market, and Peter Andersen, founder of Andersen Capital Management, noted that the fear of missing out is turning into a fear of overinvestment. Among the 11 major S&P 500 sectors, information technology fell the hardest, and the Philadelphia Semiconductor Index dropped 4.25 percent.
Alphabet Inc Class CAlphabet announced a $15B increase in capital spending, raising concerns about overinvestment in AI.