Shares of AI and tech companies have recovered some of their losses after a massive sell-off wiped out trillions of dollars in market value. The tech-heavy Nasdaq stock index closed higher after a market rout that started in the US on Thursday spread to Asian and European markets on Friday.
Investors had been selling down tech stocks partly on fears that a Democratic triumph in the midterm elections would mean slower progress in artificial intelligence research. But the latest US jobs numbers contributed to a mixed picture for American markets on Friday morning, with an unexpectedly strong 165,000 jobs added to the economy in September.
Shares in companies closely related to the development of artificial intelligence were hammered on stock markets on Thursday, notably chip and semiconductor producers. But the Nasdaq Composite clawed back some ground on Friday, ending 1.1% higher and partially correcting some of its 5.5% drop.
The S&P 500, which tracks the share values of the top US publicly-traded businesses, closed 0.3% higher, and the Dow Jones Industrial Average was flat during the day before ending slightly lower, down 0.4%. On Friday, some companies that had lost hundreds of billions in market value, including Nvidia, SpaceX, and Tesla, regained some ground.
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