XLK is trading at $187.99, down -1.58%, as Alphabet’s disappointing October 29 results and deeper AI-related cash burn revived doubts about returns on massive technology investments.
- Higher-than-expected September PCE inflation and uncertainty about rates added pressure to growth shares; the Nasdaq was down 1.68% in the supplied market context.
- Investors are scrutinizing AI spending returns, even as Microsoft’s strong results offered a counterpoint.