<ul><li>Stocks tumbled sharply on Thursday, dragged down by tech. Microsoft and Meta stock dropped on renewed concerns over AI spending.</li><li>The tech sell-off was sparked by the latest earnings from mega-cap firms that mostly exceeded estimates but disappointed investors in other areas and exacerbated concerns about heavy investment in artificial intelligence.</li><li>The S&P 500 dropped almost 2% while the Dow Jones Industrial Average lost more than 370 points.</li><li>Microsoft expects a slowdown in revenue due to investment in cloud computing for AI demand, while Meta plans to increase capital expenditures for AI. Jobless claims fell more than expected, and the Fed's preferred inflation gauge edged closer to 2%.</li></ul>

Stock market today: Microsoft, Meta drag tech stocks lower on concerns over AI spending

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