Overnight US stocks | Tech stocks suffer "Black Thursday" as Nasdaq plunges 2.6%, Bitcoin briefly falls below $81,000 mark.

Overnight US stocks | Tech stocks suffer "Black Thursday" as Nasdaq plunges 2.6%, Bitcoin briefly falls below $81,000 mark. On Thursday, the three major indices closed mixed, with tech stocks broadly sold off and the Nasdaq posting its largest single-day decline since June 23. Political risk in the Middle East around GEO Group Inc further escalated. People familiar with the matter said the US and Israel plan to launch another military strike on Iran after the US midterm elections next month. US President Trump told reporters on Wednesday evening that Washington is not currently negotiating with Tehran and said "something will happen soon." [US stocks] At the close, the Dow Jones Industrial Average rose 11.59 points, or 0.02%, to 52,867.68; the S&P 500 fell 93.82 points, or 1.21%, to 7,663.35; the Nasdaq Composite fell 694.00 points, or 2.60%, to 26,008.86. Tech stocks tumbled, with SpaceX (SPCX.US) down 9%, Meta Platforms (META.US) down nearly 7%, NVIDIA Corporation (NVDA.US) down 4.4%, and SK Hynix (SKHY.US) down 8%. Moderna (MRNA.US) fell 17%. The Nasdaq Golden Dragon China Index fell 1.19%, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) down more than 2%. [European stocks] Germany's DAX30 fell 282.88 points, or 1.10%, to 25,362.16; the UK's FTSE 100 fell 31.91 points, or 0.30%, to 10,720.97; France's CAC40 fell 110.42 points, or 1.39%, to 7,811.26; the Euro Stoxx 50 fell 121.57 points, or 1.96%, to 6,085.95; Spain's IBEX35 fell 407.90 points, or 2.11%, to 18,915.60; Italy's FTSE MIB fell 1,263.19 points, or 2.54%, to 48,380.50. [Forex] The US dollar index, which measures the greenback against six major currencies, fell 0.17% on the day and closed at 101.608 in late foreign exchange trading. As of late New York trading, 1 euro bought 1.1220 dollars, down from 1.1223 the previous trading day; 1 pound bought 1.3400 dollars, up from 1.3384 the previous trading day. 1 dollar bought 156.78 yen, down from 158.29 yen the previous trading day; 1 dollar bought 0.8205 Swiss francs, down from 0.8254 Swiss francs the previous trading day; 1 dollar bought 1.4008 Canadian dollars, down from 1.4052 Canadian dollars the previous trading day; 1 dollar bought 9.9079 Swedish kronor, up from 9.8985 Swedish kronor the previous trading day. [Cryptocurrencies] Bitcoin fell more than 3.5% and briefly broke below the $81,000 mark, trading at $81,421 as of press time; Ethereum fell more than 3.6% to $2,392.77. [Precious metals] Spot gold was at $4,025.55/oz; spot silver was at $54.61/oz. [Crude oil] Light crude futures for December delivery on the New York Mercantile Exchange rose $2.32 to settle at $99.47 a barrel, up 2.39%; London Brent crude futures for December delivery rose $4.35 to settle at $113.17 a barrel, up 4.0%. [Macro news] US stock market reassesses sustainability of AI boom; Nasdaq posts biggest drop since June. US tech stocks fell sharply as investors grew increasingly worried that soaring spending in artificial intelligence is unsustainable. The Nasdaq fell 2.6% on Thursday, its largest single-day decline since June. Meanwhile, the blue-chip-heavy Dow rose 0.02%. Several major AI-linked stocks fell amid concerns over massive AI investments by tech companies. Meta (META.US) fell 7% after disclosing that it will incur significant additional spending commitments going forward. Although Meta's revenue grew sharply, profit still missed Wall Street expectations. Investor and analyst Navellier said: "It all traces back to Meta. The problem now is that the market is selling indiscriminately and throwing out the good with the bad." Adding to concerns about AI spending, NVIDIA Corporation's CEO said AI lacks sufficient capital to support the growth of so-called "Neoclouds." These companies mainly provide digital infrastructure to large AI cloud computing companies such as Meta and Amazon.com, Inc. Shares of SpaceX, NVIDIA Corporation and CoreWeave all fell. The Philadelphia Semiconductor Index plunged 6.7%. Given the continued turmoil in the AI sector this week, US investors are turning to the bond market for safe haven to avoid riskier assets such as tech stocks. As money flooded into bonds, US Treasury yields fell sharply. Trump pauses tariffs on wind turbines, leaving room for follow-up with 180-day consultation period. According to reports, Trump signed an executive order to pause tariffs on wind turbines and their components on national security grounds, instead requiring the US Trade Representative and the Commerce Secretary to consult with trading partners and submit a report within 180 days. An executive order signed by Trump on Thursday noted that some wind turbines and their components are already subject to other tariffs on aluminum, copper and steel. He directed relevant officials to "work together to advance relevant agreements, or continue advancing agreement negotiations currently underway" to address imports of wind turbines and their components. Trump said in the executive order: "Depending on the progress or outcome of these negotiations, I may consider other remedial measures in the future." DoubleLine: Long-term US Treasuries still face downward pressure. Jeff Sherman, deputy chief investment officer of DoubleLine, said large-scale government borrowing and weakening demand will continue to weigh on long-term US Treasuries. Although concerns over the AI trade and market turmoil in France drove a rebound in safe-haven demand and Treasuries rallied on Thursday, he believes this is merely a rebound after an oversell and does not change the fundamental pressures facing long-term bonds. Sherman said DoubleLine continues to be significantly underweight long-term US Treasuries in most portfolios, with some portfolios even short the long end of the yield curve. He also criticized US Treasury Secretary Bessent's efforts to push down US Treasury yields, saying Bessent uses tough rhetoric to communicate with the market, but the market has not responded well. He believes that to attract investors, the government should boost investor confidence rather than blame critics. [Company news] SpaceX plans to secure at least 80,000 cellular sites in the US, in talks with major tower operators. According to media reports citing people familiar with the matter, SpaceX (SPCX.US) plans to secure at least 80,000 cellular communications sites in the US and is in negotiations with at least one major communications infrastructure company to achieve this goal. The people said the relevant agreements would further consolidate its plan to build the fourth national wireless carrier in the US. One of the companies SpaceX is in talks with is Crown Castle. The company, along with American Tower Corp. and Vertical Bridge Holdings, is among the largest holders of communications tower assets in the US. On Wednesday's earnings call, Crown Castle was asked whether it is discussing leasing matters with SpaceX, Amazon.com, Inc. or other satellite-based telecom service providers. Crown Castle's CEO replied: "You can assume we are in talks with all relevant parties." Moderna shares plunge nearly 25% intraday; cancer vaccine data suspected of early leak. Moderna (MRNA.US) fell nearly 25% at one point on Thursday, while Merck & Co., Inc. (MRK.US) fell 3.7%. Trial data for an experimental cancer vaccine jointly developed by the two companies appeared to have been published early on the medical website Oncology Central and was subsequently removed; it had been scheduled for release on Saturday at the European Society for Medical Oncology (ESMO) congress. According to the briefly disclosed data, the vaccine used in combination with Merck & Co., Inc.'s cancer drug Keytruda can reduce the risk of melanoma recurrence or death. The two companies had previously announced that the Phase 3 trial met its primary goal but had not yet released detailed results. Report says Musk invests $1 billion in Skydance. According to media reports citing people familiar with the matter, Musk has invested about $1 billion in Skydance (SKYD.US, formerly Paramount Global), providing funding support for the company to cut costs and boost its share price. The investment was made roughly around the same time as capital injections from other investors, including board member Laurene Powell Jobs. Musk and Paramount did not immediately respond. The report said Paramount CEO David Ellison had been considering partnering with several wealthy investors. Musk is close to Oracle Corporation founder Larry Ellison; Larry Ellison has guaranteed more than $40 billion in equity financing for Paramount's acquisition of Warner Bros. Larry Ellison also previously invested $1 billion in Musk's $44 billion deal to acquire Twitter and take it private in 2022. OpenAI close to completing new funding round. According to reports, AI giant OpenAI is close to completing a new funding round, paving the way for a possible IPO in the future. People familiar with the matter said OpenAI is seeking to raise up to $30 billion at a pre-money valuation of $1.25 trillion. The people said investors from the UAE are co-leading the round alongside investment firm Coatue. OpenAI told investors on Thursday that it plans to complete the signing of relevant agreements by the end of next week. However, the people noted that the final size of the round is still being determined. According to the people, OpenAI is positioning the fundraising as an "opportunistic bridge financing" ahead of a potential IPO. OpenAI CFO Sarah Friar previously told employees that the company may go public in 2027. Meanwhile, a person familiar with the matter said OpenAI is also negotiating a commercial agreement to obtain more computing resources from the UAE. [Bank ratings] HSBC: Cuts Netflix, Inc. (NFLX.US) price target to $69 from $76