Meta Platforms, Facebook’s parent company, saw its shares drop by over 2% on Wall Street as it announced a delay in the launch of its artificial intelligence (AI) model until at least autumn.
Initially, the launch was postponed to June, but Meta engineers are reportedly struggling to enhance the AI model, according to The Wall Street Journal.
Coinbase, the cryptocurrency exchange, also faced challenges, with its shares falling over 7% due to hackers and an investigation by the US Securities and Exchange Commission (SEC).
Hackers have stolen customer data from Coinbase and are demanding $20 million (about €17.9 million) in ransom. Coinbase has refused to pay, estimating that the resolution could cost up to $400 million (€357 million). The New York Times reports that the SEC is investigating whether Coinbase has previously misreported user numbers.
Overall, the New York stock markets showed a mixed picture. While most stock indices rose, bond yields fell after the release of the latest economic data, fuelling speculation that the Federal Reserve might cut interest rates at least twice this year to avert a recession.
The Dow Jones Industrial Average increased by 0.7%, closing at 42,322.75 points. The broader S&P 500 index went up by 0.4% to 5,916.93 points, but the tech-heavy Nasdaq fell by 0.2% to 19,112.32 points.
Investors also reacted to the news that the United Arab Emirates has pledged $1.4 trillion (€1.251 trillion) in investments in the United States, announced during US President Donald Trump’s state visit this week.
Oil prices fell by more than 2%, as President Trump expressed optimism about a potential agreement with Teheran on its nuclear programme.
Oil-rich Iran is seeking the lifting of US economic sanctions.
