About $1.2 trillion wiped out as US tech stocks slump over rising AI spending

New Delhi, July 28 (IANS) As AI reshapes business models across the technology sector, the selloff in US technology stocks stretched into a fourth straight trading session, wiping about $1.2 trillion from the sector's market value.

Nasdaq 100 index extended its decline overnight, with Tesla leading losses after tumbling more than 16 per cent over the past four trading sessions.