ELASTIC CUTS 7% OF WORKFORCE
■ AI-SUMMARIZED FROM 1 SOURCE ▸ TIMELINE
Elastic has laid off 7% of its employees, CEO Ash Kulkarni announced. The company did not disclose specific reasons for the reduction.
■ MORE FROM THE BUSINESS DESK
Technology stocks plummeted Tuesday as investors reassessed AI company valuations and infrastructure spending. The Nasdaq fell 2.2% while the S&P 500 dropped 1.43%.
India's software exporters are losing market influence as AI disruption concerns trigger a sustained selloff. The Nifty share has shrunk to record lows amid sector-wide uncertainty.
South Korean stocks fell 10% from record highs as investors sold off chip stocks amid concerns the rally had become overextended. The Kospi index declined sharply, with trading suspended for 20 minutes by the Korea Exchange.
US technology stocks are joining a global selloff as market participants recalibrate their positions on artificial intelligence investments. PNC Asset Management Group's Chief Investment Officer Amanda Agati characterized the pullback as a healthy correction following an exceptional rally.