WS #11288
Weak US jobs data (57K vs 110K expected) reduces rate hike fears, fueling rotation from tech/AI into cyclicals; Dow hits record, Nasdaq falls 0.8%. Zuckerberg says AI agent development at Meta has not accelerated as expected; reorganization not clean; contradicts AI enthusiasm narrative. Microsoft plans to lay off several thousand employees (<2.5% of workforce) next week while continuing AI investments.
Tech/AI Rotation Deepens
Weak US jobs data (57K vs 110K expected) reduces rate hike fears, fueling rotation from tech/AI into cyclicals; Dow hits record, Nasdaq falls 0.8%.
Zuckerberg says AI agent development at Meta has not accelerated as expected; reorganization not clean; contradicts AI enthusiasm narrative.
Microsoft plans to lay off several thousand employees (<2.5% of workforce) next week while continuing AI investments.