Tech stocks lost steam as bond yields and the dollar fell. Trump criticized Fed Chair Powell. AI frenzy compared to dotcom boom. Nasdaq falls, S&P tech drops 1%. Hong Kong, Chinese stocks outperform. U.S. 10-year yield at two-week low. Dollar index also falls. Gold up to $3,433/oz, nearing record.

Trump continues tirade against Powell. Powell stands firm, won’t resign. Trade tensions with China continue. U.S. announces tariffs on Philippines, Indonesia imports. Coca-Cola reports strong profits. GM’s net income slumps due to tariffs. 80% of S&P 500 firms beat analyst expectations. Earnings growth forecasts at 7.0%.

Wall Street’s tech concentration greater than dotcom bubble. Top 10 companies by market cap dominated by tech. Tech sector accounts for 34% of S&P 500. Tech plays a bigger role in the U.S. economy today. AI boom raises concerns about market correction. AI-driven growth may slow in short run.

Investment in AI-driven technology is crucial. Vast capital outlays needed for data centers. Morgan Stanley estimates $2.9 trillion global data center spending through 2028. Wall Street analysts aware of investment needs. Concerns about delayed AI benefits and potential market crash. Technology’s role in the economy raises questions about recovery from a tech crash.

Read more at Yahoo Finance: Tech cools, Trump’s Fed ire burns