Big Tech Earnings Propel Record Stock Rally Amid Rising AI Spending Concerns

Dow surges nearly 700 points for a record close as Big Tech stocks climb and oil prices slide, delivering the market’s strongest day in months and highlighting investor optimism despite energy concerns.

Wall Street falls after tech earnings raise AI spending worries and oil hits the $100 per barrel threshold, prompting investors to reassess risk and question the sustainability of recent gains and signal potential pullback in tech valuations.

Nasdaq futures drop as concerns over AI chip supply chain intensify ahead of pivotal earnings reports, reflecting fears that AI‑related capital expenditures could strain company budgets and dampen growth expectations.

Big Tech earnings test a record stock market rally while analysts note that Anthropic and OpenAI stakes are distorting the corporate earnings picture and capex vigilantes are scrutinizing spending, putting AI investment under the spotlight.