The Globe and Mail reports in its Saturday, July 18, edition that stocks worldwide fell Friday, led by a sell-off in major tech companies focused on artificial intelligence, as rising competition from China increased investor concerns over heavy AI spending. A New York Times dispatch to The Globe reports that the S&P 500 fell 1 per cent, taking its loss for the week to 1.6 per cent, led lower by the biggest tech companies. The tech-heavy Nasdaq Composite Index declined 1.4 per cent. Stock markets in Toronto, China, Japan and across Europe also fell. Signs of investor concern were most apparent in the Philadelphia Semiconductor index, a benchmark for the computing industry. The Philadelphia index, which includes Nvidia and Micron, fell 1.6 per cent on Friday, contributing to a month-long decline. It's now down over 20 per cent from June's high, signalling a "bear market." Nvidia fell 1.9 per cent on Friday, briefly dragging its market valuation below Apple's as the two jostle to sit on the perch as the world's most valuable company. Alphabet declined 2.5 per cent, and Meta was down 3 per cent. SpaceX dropped 5.5 per cent after falling this week below $135 (U.S.), its initial public offering price set last month.