"Markets in the US, Asia and Europe have fallen after bank bosses warned a serious stock market correction could lie ahead, after a run of record stock market highs led some companies to appear overvalued. In the US, the tech-focused Nasdaq and the S&P 500 on Tuesday suffered their largest one-day percentage drop in almost a month. Technology shares pulled the Nasdaq lower, which resulted in it closing 2% down."
"Palantir has also been targeted by a well-known short-seller who bets on falls in the value of a company. The investor Michael Burry who rose to prominence after predicting the 2008 financial crash and inspiring the film The Big Short bet against Palantir and the chipmaker Nvidia, two of the biggest AI companies, sparking criticism from Palantir's boss and a stock sell-off."
Global markets experienced sharp declines amid signs that a boom in AI company valuations may be cooling and warnings from bank chief executives about a potential serious stock market correction. In the US, the tech-focused Nasdaq and the S&P 500 recorded their largest one-day percentage drops in nearly a month, with the Nasdaq closing about 2% lower and the S&P down just over 1%. All seven major AI-related stocks fell in one day. Palantir fell almost 8% despite raising its revenue outlook and was targeted by short-seller Michael Burry, who also bet against Nvidia. Asian markets posted their sharpest slide in seven months, with Japan and South Korea dropping more than 5% from recent highs, and European markets also declined.
Read at www.theguardian.com
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