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Fortune

Jim Edwards

Powell gave traders a green light to double down on AI—but the markets punished Meta and Microsoft anyway

Microsoft Meta Jerome Powell US Federal Reserve Alphabet Jim Reid Bitcoin Nvidia

(Credit: Sha Hanting—China News Service/VCG/Getty Images)

Jerome Powell cut interest rates by 0.25% and downplayed fears of an AI bubble. Investors reacted with sophistication: Meta and Microsoft sold off sharply overnight, but Google rose 7%. Bitcoin dropped to $110,000.

U.S. Federal Reserve Chair Jerome Powell bifurcated the stock market yesterday when he delivered a 0.25% rate cut that the market was expecting and then, unexpectedly, said he did not believe that the AI sector was in a bubble, akin to the dotcom boom of 2000.

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