NEW YORK, Oct 15 (Reuters) - Global equity markets were flat on Thursday as concerns about AI spending and higher interest rates fueled a continued selloff in technology and chip stocks.
Investors have been unnerved by valuations of companies in the AI ecosystem as more voices question the sustainability of demand for data centers.
On Wall Street, the Philadelphia SE Semiconductor index was last down 1.7%. The benchmark S&P 500 and the Nasdaq reversed losses in early trade and were trading higher, led by healthcare and materials stocks, while the Dow was up 1%.
The Dow Jones Industrial Average rose 1.08%, the S&P 500 rose 0.27%, and the Nasdaq Composite rose 0.11%.
"There's definitely a lot of investor skittishness right now about the path forward for AI," said Amanda Agati, chief investment officer at PNC Financial Services Group.