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Snap AR glasses debut sends shares lower on high price tag concerns and TAM.
ASML and Micron were the only real bright spots on the board, while Meta, SpaceX, Amazon, Alphabet, IREN, and NVIDIA all finished in the red.
A tougher session for AI-exposed names, but not a quiet one.
Databricks is rolling out AI spend controls as companies start paying closer attention to usage costs, while a16z and Khosla are still backing startups built around automating repetitive work. Rumble is also moving deeper into AI infrastructure, securing 22,000 Nvidia chips, even as its CEO pushes back on the idea that this is just a trend-driven pivot.
Meanwhile, Jensen Huang says society needs new social norms for the AI age, and Salesforce’s longest losing streak on record shows investors are still nervous about how expensive the AI acquisition race is becoming.
The big theme today: AI investment is still moving fast, but the market is becoming more selective about who can turn that spending into real operating leverage.
Here’s your daily update.
Exec Text’s AI Index
ASML was the clear standout, finishing up 3.54% on the day, while Micron also closed green, gaining 2.20%.
Bloom Energy was the next best performer, up 1.46%, while the rest of the board was red, led by Meta, SpaceX, Amazon, Alphabet, IREN, and NVIDIA.
Meta was the biggest decliner, down 5.44%, with SpaceX also hit hard, falling 4.95%. Amazon dropped 3.46%, Alphabet fell 2.43%, IREN slipped 1.81%, and NVIDIA finished down 1.33%.
After hours was much stronger across the board, with every name green. Micron led after hours, up 3.31%
Headlines
Databricks rolls out AI spend controls (Axios)
Convey raises $38 million led by a16z to take repetitive work off employees' plates (Business Insider)
AI startup Pramaana Labs raises $27 million in seed funding led by Khosla Ventures (The Economic Times)
Rumble gets 22,000 Nvidia chips, but the video company's CEO insists this isn't a fad-like pivot (MarketWatch)
Sharon AI raises $US1.6bn, eyes ASX listing after Nvidia deal (The Australian)
Nvidia's Jensen Huang says society needs 'new social norms' in the age of AI (AP News)
Salesforce's stock seals longest losing streak on record as newest AI acquisition sparks anxiety (MarketWatch)
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