US Stock Market: AI spending fears hammer US tech giants, Alphabet leads selloff

US tech stocks sold off sharply amid growing investor concerns over massive AI infrastructure spending and uncertain monetisation timelines. Alphabet fell 6%, wiping out more than $256 billion in market cap, while Amazon dropped 4.8% and Meta and Microsoft slipped about 3% each, collectively erasing over $248 billion in market value. Semiconductor and memory names like Micron bucked the trend, rising 5.8% to a record high on strong AI hardware demand.