Shares in Alphabet sank after a report that OpenAI is developing a web search product to rival Google.
Nvidia eclipsed Alphabet as the third most valuable US company on Wednesday, just after overtaking Amazon.
For years, investors have bid up megacap tech shares on the theory that AI will usher in a new era of growth. Now the companies need to prove it.
The companies surpassed quarterly revenue expectations this week and posted positive metrics for their ad businesses.
Rising rates have made already stretched US Big Tech valuations look increasingly expensive.
Google is embroiled in one of the most serious antitrust cases to threaten Big Tech in decades.
The EU designated 22 services of six major tech companies as “gatekeepers” of online services.
Google unveiled a swathe of fresh artificial intelligence technology and partnerships on Tuesday.
EU and US antitrust regulators may have gone their separate ways of late. But they can still agree on one thing.
The world’s fourth richest person has exercised expiring options and sold $640-million of Oracle shares.