Datacenter and chip costs fueled sharp decrease in AI sector although non-AI stocks still had a strong showing

The latest shudder for stocks in the AI industry pulled markets lower worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran.

The S&P 500 fell 1.2% for its worst day since July, while the Nasdaq composite tumbled 2.6%. The weakness for tech stocks was so overwhelming that it masked strength for the rest of the US market, in which the majority of stocks actually rose. The Dow Jones Industrial Average added 11 points, or less than 0.1%.

The African Union (AU) on Wednesday launched a continental credit rating agency aimed at providing risk assessments that it says will be more credible and realistic than those produced by the major international rating agencies. The goal is to lower Africa’s borrowing costs and support the continent’s development and industrialization. To that end, the African Credit Rating Agency (AfCRA), which will be headquartered in Port Louis, the capital of Mauritius, will operate as a private and independent entity, with no ownership stake held by the AU or any government.

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