Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough

A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars on Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.

The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Dow Jones Industrial Average fell less.

• US set to host Summer and Winter Olympics

• USOPC CEO says business model in early stages

The US Olympic and Paralympic Committee (USOPC) is in the advanced stages of setting up an entity to sell a stake ⁠in the commercial rights for Team USA in return for capital, according to multiple reports.

Any deal would mark a significant shift for the USOPC, a non-profit organization that, unlike many national Olympic committees, relies heavily on sponsorships, licensing ⁠and other commercial revenue streams rather than government funding.

• Star defensive lineman has one sack, six tackles

• D’Andre Swift rushes for three touchdowns

• Seattle have lost three of their last four games

Caleb Williams threw a touchdown pass on the opening drive and Jeffery Simmons delivered just what Chicago needed on defense as the Bears beat the host Seattle Seahawks 34-17 on Monday night.

Williams was extremely efficient for the Bears (6-2) against one of the NFL’s stingiest defenses, committing no turnovers, taking just one sack and throwing for 247 yards while completing 71% of his passes.