Technology stocks fell sharply on Thursday after a post-midterm rally, as investors feared a slowdown in data center construction and a possible peak in the artificial intelligence trade. The “Magnificent Seven” lost more than $1 trillion in combined market capitalization before recovering some of the losses on Friday. Arm CEO Rene Haas called the concerns very short term and urged the United States to keep investing in data center infrastructure, while Qualcomm fell 9.49% on Thursday. OpenAI CFO Sarah Friar confirmed that the company will continue investing in data centers and will work with local communities on electricity concerns. Lyft CEO David Risher said consumer demand and bookings remain strong, while Box CEO Aaron Levie argued that artificial intelligence productivity gains confirm a lasting trend.
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