Global equity fund inflows rise to $28.16 billion
Asian equity funds recorded their biggest weekly inflow since at least December 2022, while technology funds returned to net purchases.
AI stocks mixed as Nasdaq steadies following selloff
Meta remained slightly lower after a 7% slide as investors assessed its plan to issue a new share class to help finance capital spending.
Trading in major artificial intelligence stocks was mixed on October 23, with the Nasdaq Composite holding nearly flat in the afternoon after recording its biggest one-day loss in four months.
Gains of 1% to 2% lifted SpaceX, Oracle and Dell Technologies, while losses at Nvidia, Alphabet and Amazon were each below 1%. Most major semiconductor shares rose, following their steepest drop since the summer.
Meta Platforms edged down after a 7% fall in the preceding session. In its earnings report, Meta said it would establish a new share class, partly to raise funds for additional capital spending. Investors viewed the move as a sign of the potential cost to shareholders of expanding AI infrastructure.
Credit default swaps linked to the largest AI companies generally declined modestly. Premiums had climbed following Meta's stock-financing announcement, amid concerns about risks associated with spending by major AI companies. Debt issuance has financed much of the infrastructure expansion so far.
Rick Meckler, a partner at Cherry Lane Investments, said buying during declines and selling during advances had kept the market from establishing a direction. He said AI revenue news remained strong, but investors were questioning the cost of that growth and its sustainability.