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The Guardian - US

Technology

Blake Montgomery

Rocky week for AI as shares slump but no sign of crash – yet

Gavin Newsom California United States Samsung SK Hynix Brendan McDermid Elon Musk xAI Google SpaceX Zohran Mamdani

Traders work on the floor of the NYSE in New York — Traders work on the floor of the NYSE in New York
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 22, 2026. REUTERS/Brendan McDermid Photograph: Brendan McDermid/Reuters

Hello, and welcome to TechScape. I’m Blake Montgomery, US tech editor at the Guardian, writing to you after fending off sunburns at the beach. Today, we’re discussing a rocky week for the AI industry’s finances and how California’s proposed billionaire’s tax is changing the political posture of the state’s governor.

AI is facing a financial stress test, but the bubble hasn’t popped

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