U.S. technology stocks declined on Thursday, extending losses as bond market volatility weighed on equities. The Nasdaq Composite dropped 1%, reversing a modest rebound from the previous session.
Artificial intelligence developer Anthropic is moving closer to an initial public offering, with plans to file paperwork publicly by the end of August, according to Bloomberg. The company is targeting a valuation exceeding $75 billion, which would surpass the valuation SpaceX achieved at its June public debut.
The next major catalyst for the AI trade arrives next week, when Nvidia reports its quarterly earnings on August 26. The results are expected to influence sentiment across the AI ecosystem, including hyperscale cloud providers and suppliers of AI infrastructure components.
In legal developments, a trial involving Meta Platforms is scheduled to resume next week in Oakland, California. The hearing was delayed on Thursday due to a juror's absence. The case, brought by 29 state attorneys general, alleges that Meta designed its platforms to maximize user engagement among children, resulting in psychological harm. The trial serves as a bellwether for a broader lawsuit involving four states.
Meta has warned that the outcome could expose the company to potential damages of up to $1.4 trillion, though state attorneys general dispute the figure.
