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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
コンテナターミナル
Economic Updates
Philippines Trade Update: Trade deficit narrows but not a sign of strength
August 29, 2025 DOWNLOAD
Frick collection with palm trees 
Economic Updates
Policy Rate Updates: BSP takes on less dovish tone
August 28, 2025 DOWNLOAD
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Economic Updates
Quarterly Economic Growth Release: Stronger case for a BSP cut in August
August 7, 2025 DOWNLOAD
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Equities 2 MIN READ

Tech market values fall on AI costs and recession fears; Eli Lilly, Berkshire gain

September 3, 2024By Reuters
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Market values of major tech firms declined in August amid concerns over escalating artificial intelligence infrastructure costs and rising recession risks that would make the stocks particularly vulnerable during a market correction.

Last month, Alphabet Inc. lost 4.7% of its market value as a slowdown in YouTube’s advertising sales fuelled concerns about its earnings. A US judge’s ruling that Google had violated antitrust laws and the emergence of new competition from OpenAI, which is developing an AI-based search engine prototype, also contributed to its shares’ decline.

Amazon.com Inc’s market value fell 4.5%, affected by slowing online sales.

Tesla’s market capitalization fell 7.7% last month after weaker Q2 earnings and following the news that Canada planned a new 100% tariff on Chinese-made electric vehicles.

The world’s most valuable automaker started shipping Shanghai-made EVs to Canada last year and Ottawa’s plans raised concerns about the potential profit impact of exporting from its higher-cost US production base.

Meanwhile, Nvidia’s market value fell in the last week of August by 7.7% to USD 2.92 trillion, after it projected third-quarter gross margins below market estimates and reported revenues that only met expectations, disappointing investors who were expecting a stronger performance.

Nvidia, which commands more than 80% of the AI chip market, stands in a unique position as both the largest enabler as well as the beneficiary of surging AI development.

On a positive note, US drugmaker Eli Lilly’s market value surged nearly 20%, leading market gainers, driven by robust sales and the launch of a weight-loss drug that significantly reduces the risk of developing type 2 diabetes in overweight adults.

Berkshire Hathaway’s market value closed above USD 1 trillion for the first time at the end of August, reflecting investor confidence in the conglomerate that Warren Buffett built over nearly six decades into what many consider a proxy for the US economy.

Meta’s market value also climbed nearly 10% after it beat market expectations for its second-quarter revenues and forecast strong revenue growth in the July-September quarter, indicating that strong digital ad spending on its platforms could offset the costs of its AI investments.

(Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Tomasz Janowski)

This article originally appeared on reuters.com

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