The Globe and Mail reports in its Saturday 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 says 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. Nasdaq declined 1.4 per cent. Stock markets in China, Japan and across Europe also fell, although Toronto ended relatively flat at 35,263.85, down 76.30. Signs of investor concern were most apparent in the Philadelphia Semiconductor Index, which fell 1.6 per cent, 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. 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. On Friday, Moonshot AI, a Chinese AI company, fanned fears when it released a new model, Kimi K3, that it said performed as well as AI models from American giants including Anthropic and OpenAI but at significantly less cost.