The TSX opened lower Wednesday as a global tech selloff weighed on investor sentiment. Markets turned risk-off after a report suggested AI profits may be overstated — or even non-existent — sending shares of Oracle and Penguin Solutions sharply lower.
The Nasdaq also fell, snapping a record streak as Tesla dropped over 4% following the debut of its new sub-$40,000 Model Y and Model 3 vehicles.
Market numbers
TSX: Down (0.59%), 30,351.72
TSXV: Down (0.05%), 906.00
DOW: Down (0.20%), 46,602.99
NASDAQ: Down (0.55%), 24,840.23
FTSE: Down (0.02%), 9,507.50
In the headlines
- AI sector selloff deepens – Penguin Solutions (NDAQ:PENG) shares plunged more than 20% after traders dumped the AI infrastructure stock amid uncertainty over profitability in the sector. The decline followed Oracle (NYSE:ORCL), which slid 2.5% after reports that its AI rental business is generating operating losses.
- Tesla unveils lower-priced EVs – Tesla (NASDAQ:TSLA) shares dropped 4.5% after unveiling new sub-$40,000 versions of its Model Y and Model 3, stoking fears of margin compression in the EV space.
Currencies
USD: Up (0.11%), $0.7173
GBP: Up (0.19%), $0.5344
EUR: Up (0.29%), $0.6165
JPY: Up (0.49%), ¥109.39
Bitcoin: Down (0.05%), US$122,466.72
(Conversion to C$1)
Commodities
Copper: Up (0.35%), 5.1359
Gold: Up (1.55%), 4,046.42
WTI: Up (0.38%), 62.58
Natural Gas: Down (1.69%), 3.44
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