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.

These resource-guzzling centres drive up utility bills and are hated across the political spectrum. Cue a clunky, but potentially influential, new name for them

Jesus may have turned water into wine, but Donald Trump has done one better: he turned Lake Ontario into Lake America and the Gulf of Mexico into the Gulf of America. And then, for his next trick, he insisted we all stop talking about artificial intelligence (AI) and call it superintelligence (SI) instead.

Those, of course, are only a few of the name changes the president has ushered in. When he’s not golfing or commenting on senators’ buttocks, president Trump loves a rebranding project. Which makes sense: coming up with a new name is far easier than making meaningful improvements to people’s lives.