The Chicago Federal Reserve’s estimated hiring rate fell for the sixth consecutive month in October and investors have been spooked by a recent flurry of lay-offs announced by companies including Amazon, Paramount and Target.
Nvidia, the world’s most valuable company, has fallen the most in dollar terms over the week. Its market capitalisation declined by about $350bn, little more than a week since it became the first company ever to hit a $5tn valuation.
This week’s debut of Beijing-based Moonshot AI’s Kimi K2 Thinking model, which reportedly cost less than $5mn to train, was hailed as the latest sign that Chinese competitors are narrowing the technical lead held by US developers.