Ouch: Tech and media stocks are getting hammered

5/5/22 8:00PM

Yesterday the NASDAQ index fell 5%, its biggest one-day decline since 2020, as the list of stocks with eye-watering losses got a little bit longer.

Most notable yesterday was e-commerce darling Shopify, which fell 15% after posting its slowest revenue growth in 7 years, leaving its shares down 70% this year, worse even than Netflix's high profile meltdown, which has seen its shares fall 69%.

Indeed, of the 192 large stocks in the Technology and Communication Services sectors, 167 are down this year. The only notable exception? Twitter — thanks to Elon Musk's bid for the company that was way ahead of where the shares were trading.‍

What's changed?

‍Everything just seems to be slowing down. The pandemic accelerated a lot of digital transformation, and investors, who were flush with cash from monetary and fiscal stimulus, rushed into tech stocks. With interest rates finally rising, inflation at 40-year highs and growth slowing, a lot of those companies are just on a less attractive trajectory than they were 6 months ago.

‍It's not just tech

‍As the fastest-growing part of the market, tech stocks usually whipsaw around more than other industries — and they are bearing the brunt of this sell-off — but it hasn't been a tech exclusive event. The S&P 500 index is now down 14% on the year, and every sector has lost ground — except Energy &Utilities.

Anthropic: Our new “Mythos” model is so powerful, we can’t release it

The unusual announcement of the model highlights its alarming new cybersecurity capabilities.

Jon Keegan2h

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Bloomberg: Apple’s foldable iPhone is on track for September after all

Scratch that... Actually, Apple’s foldable iPhone may be on track to debut later this year after all.

Hours after a report from Nikkei Asia said Apple was encountering engineering problems with the novel design that could lead to a delayed launch, Bloomberg’s Mark Gurman reports that sources within Apple say the premium foldable iPhone is still on track to launch in September, alongside the iPhone 18 Pro and iPhone 18 Max.

Shares of Apple had plunged more than 5% on word of a possible delay, but pared losses on Gurman’s story.

According to the report, the foldable iPhone will cost more than $2,000 and will be a key part of the company’s plan to revamp the iPhone lineup.

Apple’s Foldable iPhone Remains on Track for September Debut

Shares of Apple had plunged more than 5% on word of a possible delay, but pared losses on Gurman’s story.

According to the report, the foldable iPhone will cost more than $2,000 and will be a key part of the company’s plan to revamp the iPhone lineup.

Jon Keegan7h

Bezos poaches xAI cofounder from OpenAI for his Project Prometheus startup

The competition among AI startups for poaching top talent has a new contender.

The Financial Times reports that xAI cofounder Kyle Kosic has been poached from OpenAI by Amazon founder Jeff Bezos for his new AI industrial manufacturing startup, Project Prometheus.

Kosic was one of the original 11 cofounders of xAI and worked on the Colossus data center. Kosic left xAI in 2024 to return to OpenAI. Elon Musk is the last xAI cofounder still working for the company.

According to the report, Kosic will work on AI infrastructure in his new role at Project Prometheus, which has reportedly hired hundreds of staff in San Francisco, London, and Zurich.

Jeff Bezos’s new lab hires xAI co-founder from OpenAI

According to the report, Kosic will work on AI infrastructure in his new role at Project Prometheus, which has reportedly hired hundreds of staff in San Francisco, London, and Zurich.

Jon Keegan8h

Report: Apple’s foldable iPhone may be delayed by engineering troubles

One of Apple’s key product launches for 2026 might be facing delays.

The company’s planned foldable iPhone has run into engineering problems during testing, and mass production could be delayed as a result, according to a report from Nikkei Asia.

The complexity of the novel design is reportedly taking longer than expected to perfect, and could push back the product’s launch by months.

Per the report, Apple planned to initially produce 7 million to 8 million of the foldable iPhones, which it intends to position as a premium entry in the new iPhone lineup.

This would be the second Apple foldable product that has faced delays due to engineering problems, as Bloomberg reported that a $3,000 foldable iPad would be delayed until 2029 or later.

Apple shares were down sharply in early trading.

Foldable iPhone hits engineering snags, shipment delays possible: sources

The complexity of the novel design is reportedly taking longer than expected to perfect, and could push back the product’s launch by months.

Per the report, Apple planned to initially produce 7 million to 8 million of the foldable iPhones, which it intends to position as a premium entry in the new iPhone lineup.

This would be the second Apple foldable product that has faced delays due to engineering problems, as Bloomberg reported that a $3,000 foldable iPad would be delayed until 2029 or later.

Apple shares were down sharply in early trading.

Jon Keegan4/6/26

Report: Some of Meta’s new AI models will eventually be open-source

Axios reports that Meta is close to releasing its first new AI models after setting up its “superintelligence” team led by former Scale.AI CEO Alexandr Wang, and some of the models will eventually be released with an open-source license.

Per the report, Meta sees an opportunity to focus on consumers, rather than the lucrative enterprise market that both OpenAI and Anthropic have been focusing on.

Meta had previously embraced open-source AI with its Llama models, with CEO Mark Zuckerberg writing a manifesto declaring open-source AI as “the path forward.” Axios says that Meta will be pursuing more of a hybrid strategy of proprietary and open-source models going forward.

The New York Times previously reported that Meta was delaying the launch of its new AI model because of performance issues.