"More than $1tn (760bn) has been wiped off the value of the cryptocurrency market in the past six weeks amid fears of a tech bubble and fading expectations for a US rate cut next month. Tracking more than 18,500 coins, the value of the crypto market has fallen by a quarter since a high in early October, according to the data company CoinGecko."
"Investors around the world are on edge as fears mount over an artificial intelligence bubble in the stock market, with even the boss of Google's parent company warning that no company will be immune if the bubble bursts. The UK's blue chip FTSE 100 index was down 1.2% on Tuesday, its fourth day in the red in a row. The Stoxx Europe 600, which tracks the biggest companies on the continent, fell 1.2%."
"The chief executive of Klarna, Sebastian Siemiatkowski, also sounded the alarm this week, warning that huge sums being poured into computing infrastructure made him nervous. He told the Financial Times: I think [OpenAI] can be very successful as a company but at the same time I'm very nervous about the size of these investments in these datacentres. That's the particular thing that I am concerned about."
More than $1tn has been wiped off the cryptocurrency market in six weeks as the sector falls by a quarter from an early October high. Bitcoin fell 27% to $91,212, its lowest since April. Global equity markets slid, with the FTSE 100 and Stoxx Europe 600 down 1.2% and major Asian indexes, including the Nikkei and Hang Seng, also retreating. Concerns about an artificial intelligence valuation bubble have risen, with warnings that no company would be immune if it burst. Executives flagged nervousness about large investments in datacentre infrastructure and automatic wealth allocation into AI-linked stocks.
Read at www.theguardian.com
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