Tech Giants Face Profit Slump Amid AI Pushback: Dell Misses Expectations, Ant Group Sees Steep Decline

US tech giants are grappling with disappointing earnings as the artificial intelligence (AI) boom backfires. Shares of Dell Technologies plummeted Friday following a profit shortfall and missed margin targets. The company’s revenue growth was fueled by surging demand for AI-optimized servers, but intense competition and rising costs led to reduced profitability. Meanwhile, Chinese fintech giant Ant Group reported a dramatic slump in profits, highlighting the challenges faced by tech companies expanding into new markets.