BigBear.ai Holdings' (BBAI) stock plunged 5.11% in pre-market trading on Thursday, caught up in a broader sell-off of AI stocks after the Federal Reserve projected fewer interest rate cuts and higher inflation for 2025.
The AI company's shares dropped sharply after the Fed raised concerns about sticky inflation, signaling a more cautious approach to further easing monetary policy. The central bank lowered its benchmark rate by 0.25 percentage points but indicated just two more cuts next year, down from previous expectations.
The hawkish Fed outlook sparked fears of an economic slowdown, sending AI stocks like BigBear.ai tumbling in pre-market trading. Adding to the pressure on BigBear.ai was news that the company plans to exchange $182.3 million of its convertible notes for new secured notes due in 2029. While the move addresses its debt maturity, it could potentially dilute existing shareholders.
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