The Nasdaq Index dropped significantly as tech stocks faced intense selling pressure. The decline was primarily due to concerns over AI spending and financing risks. Alphabet, Google's parent company, had a particularly rough day, losing $711 billion and $500 billion in market value. US tech stocks were hit hard as AI spending reached $1 trillion. Wall Street also slid, reflecting market anxiety over the tech sector's financial health. Investors expressed concern as the market showed no signs of recovery. The tech sector's health remains a key focus for analysts and investors alike.