US tech stocks rebound after week-long AI-driven sell-off

Summarised from 2 outlets · Updated 20 Oct, 08:32 · Archive

US technology stocks staged a recovery after a significant sell-off, with the Nasdaq Composite gaining more than 1 per cent.

US technology stocks staged a comeback on Monday after a significant sell-off the previous week. The Nasdaq Composite advanced more than 1 per cent, led by major tech names. Nvidia added 1.4 per cent, Tesla jumped 3.8 per cent, and Alphabet shares advanced about 1 per cent.

The recovery was not mirrored in Asia. South Korea's tech-heavy Kospi index fell over 4 per cent, whilst Japanese tech stocks were mostly lower, with the Nikkei 225 down 1.6 per cent. CNBC reports that venture capitalists in Asia were meanwhile focused on public listings, with startups 'speeding' toward IPOs.

Nvidia announced plans to increase its investment in Europe's artificial intelligence sector, backing four German startups as part of a nearly $10 billion commitment across the continent. German Chancellor Friedrich Merz described AI as a major opportunity for the country's economy and urged small and medium enterprises to embrace the technology.

How it is being reported

• CNBC Daily Open: Tech rebounds in the U.S., but Asia isn’t buying it yetThe Nasdaq Composite gained more than 1% after last week’s sell-off, led by advances in Tesla, Nvidia and Alphabet.CNBC · 20 Oct, 08:14
• US stocks set for rebound after AI sell-offNasdaq 100 futures rise 1.3% following biggest weekly drop since Trump’s ‘liberation day’ in April last yearFinancial Times · 19 Oct, 06:34

In this story: Nasdaq Composite · Tesla · Nvidia · Alphabet · South Korea · Japan · Germany · Friedrich Merz

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem