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US Stock Market Tumbles: $700 Billion Lost Rapidly, AI Emerges as Key Factor
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US Stock Market Plunges $700 Billion: AI, Trump Tariffs Fuel Investor Panic
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CNBC Awaaz
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24-02-2026, 06:52
US Stock Market Plunges $700 Billion: AI, Trump Tariffs Fuel Investor Panic
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US stock market lost approximately $700 billion in market value as Dow Jones, S&P 500, and Nasdaq fell simultaneously.
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IBM shares plummeted 13% after an Anthropic report suggested AI could automate COBOL modernization, a key IBM business.
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The broader software sector, including Microsoft, Salesforce, and Adobe, also saw significant declines.
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Fears of AI-driven unemployment, potentially reaching 10% by 2028, impacted consumer spending stocks like American Express and Mastercard.
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Donald Trump's tariff warnings and global trade uncertainty further rattled investor confidence, pushing gold and silver prices up.
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