Shares of technology companies rose as the sector found some stability in the wake of a rout on Monday.
After a yearlong speculative boom based on ebullience about the new capabilities of generative AI, the mega-cap artificial-intelligence firms may be facing a "major top" akin to the 2000 peak in Dotcom stocks, said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.
Last week, the technology sector saw the biggest single-stock outflows since October, according to a client survey from Bank of America Securities.
Shares of the Roundhill Magnificent Seven exchange-traded fund, which tracks seven of the largest U.S. tech companies, ticked up, but remains down by roughly 14% for the year-to-date.
Oracle shares slid after the business software maker's earnings lagged Wall Street expectations, and even as it forecast brisk growth in its data-center operations for the year ahead.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 11, 2025 17:31 ET (21:31 GMT)
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