Nasdaq falls again as investors steer funds from tech

US tech shares continued to face pressure on Wednesday in a mixed session for global equities as investors steer funds to industrials and other old-economy sectors. The Dow rose but the Nasdaq dropped more than one percent for a second straight day as chip company AMD nose-dived after earnings and some other tech names sputtered amid AI disruption fears. "We're seeing a lot of rotation from growth stocks to value stocks, moving from tech into other sectors," said Steve Sosnick of Interactive Brokers. Shares of Advanced Micro Devices sank more than 17 percent despite solid fourth-quarter earnings that concluded a year of strong revenue growth due to artificial intelligence. "Results from tech continue to be coming in pretty strong and solid, but it is a matter of expectations that are creating some disappointments, especially at a time when sentiment around the sector is negative," said Angelo Kourkafas of Edward Jones. "At the same time as this is happening, on another corner of the market, there's a lot of excitement." Investors were spooked on Tuesday by news that AI startup Anthropic – which created the Claude chatbot – had unveiled a tool that could be used by firms to carry out legal work. The announcement hit firms in...