US tech stocks fall sharply over AI cost concerns as Nasdaq hits two-month low

■ Steady

Jio makes India's largest stock market debut, raising $3.2bn, as tech shares slide

On Saturday morning Reliance's Jio listed in Mumbai in India's biggest IPO, raising $3.2bn and becoming the country's second-largest company. On Friday US tech stocks fell sharply over AI cost concerns, with the Nasdaq opening at its lowest level in more than two months. Oil majors continued to report strong quarterly results, which they tie to higher prices linked to the Middle East war.

• On Friday the Nasdaq opened at its lowest level in over two months and Intel shares kept falling.
• On Thursday Google hit a six-month low after saying AI search summaries were affecting ad revenue, wiping about $500bn from its value.
• BP reported third-quarter underlying replacement cost profit of $8.46bn, against $2.2bn a year earlier, and Shell reported an adjusted $10.8bn profit, up from $5.432bn.
• ExxonMobil and Chevron beat Q3 estimates on Friday, and TotalEnergies posted a record quarterly profit.
• Christine Lagarde will step down as ECB president in February 2027, months before her term ends.