Forbes Daily: Tech Selloff Fuels Stock Market Decline

The U.S. spends $5.3 trillion each year on healthcare, and most of it goes toward treating chronic disease. One startup is betting it can use AI to bring that number down—and keep people out of the ER.New York-based Cadence hooks its AI agents into devices like blood pressure cuffs and blood sugar monitors, combining that information with data from a patient’s electronic health records, and even alerting a clinician when a patient’s health is deteriorating. Now, the company says it has raised an additional $100 million.“Even if we double the number of primary care doctors, it wouldn’t actually help because the way we treat disease with two-to-four doctor visits a year doesn’t work,” says cofounder and CEO Chris Altchek.This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here. First UpMarkets fell Tuesday amid a broader tech selloff, which analysts say may have been sparked by “anxiety” ahead of chipmaker Micron’s earnings report.SpaceX officially wiped out its gains from its record-setting IPO, with shares briefly dropping below their $150 debut price.President Donald Trump accused oil companies of gouging customers in a Truth Social post, saying he has instructed the DOJ to “immediately start looking into this.”Wealth + EntrepreneurshipSebastian Novels for ForbesAs Hollywood struggles, social media star Dhar Mann offers a glimpse of where showbiz is headed. Mann, one of 50 featured in Forbes’ Top Creators list, produces digital shows with a team of 200—and their work will typically rack up nearly 300 million views across Facebook, YouTube, Instagram and TikTok. Last year, Dhar Mann Studios earned an estimated $65 million in revenue from YouTube AdSense, Facebook In-Stream ads and brand deals.Donald Trump Jr. met privately with Indian billionaire Gautam Adani during a visit to the country last year, Bloomberg reported, and that meeting preceded the Trump administration dropping the federal fraud and bribery charges Adani faced in the U.S. A spokesperson for Trump Jr. said the meeting had “zero to do” with the DOJ’s decision to drop its federal case, according to Bloomberg.Tech + Innovation ​​Shares of semiconductor firm Micron tanked more than 13% Tuesday as South Korea’s Financial Supervisory Service warned about risky ETFs tied to memory chip companies, fueling a global chip sell-off. Leveraged single stock ETFs are designed for short-term trading and can amplify daily price movements by two or three times, allowing investors to double or triple gains or losses in a single day.Money + PoliticsIn the latest sign of bipartisan backlash to the conflict in Iran, the Senate voted to stop President Donald Trump from continuing the war without congressional approval. It’s unclear how the measure will be enforced—it’s the first time both chambers of Congress have approved a resolution to stop a president from using his military powers under the War Powers Resolution since it was adopted in 1973.Three candidates backed by New York City Mayor Zohran Mamdani won their congressional primaries in New York in a major boost to the Democratic Party’s progressive wing. Two of the candidates ousted incumbent lawmakers—including Democratic Socialist Darializa Avila Chevalier, who defeated Rep. Adriano Espaillat, the leader of the Congressional Hispanic Caucus, in one of the biggest upsets of the evening.Sports + EntertainmentA.J. Dybantsa was drafted first overall by the Washington Wizards during Round One of the 2026 NBA Draft.Caleb Bowlin/Getty ImagesA.J. Dybantsa was the No. 1 overall pick in Tuesday’s NBA draft, and is expected to sign a four-year, $69 million deal with the Washington Wizards, including a $15.2 million salary for his rookie season, according to a projection by the contract database Spotrac ahead of the draft that was confirmed by a league insider. Selections in the draft’s second round, which will be held Wednesday night, do not automatically get guaranteed contracts and have to negotiate their deals individually with teams.Daily Cover StoryInside The Global 2000: AI Has Rewritten The World’s Corporate ScoreboardIllustration by Shiwen Sven Wang for ForbesFor the better part of the last quarter century, the Global 2000—Forbes’ annual ranking of the world’s largest public companies based on sales, profits, assets and market value—has been a story about globalization’s steady march. Despite the headwinds, ranging from President Donald Trump’s trade war, conflict in the Middle East, rising energy prices and sustained inflationary pressure, the global growth story is intact. This year’s Global 2000, the 24th annual edition, reached records in all four categories of combined sales, profits, assets and market value, reflecting the durability of the multinationals that sit at the center of the global economy.The world’s bellwether companies recorded a combined $56 trillion in annual sales (up 6% from last year’s record), $5.5 trillion in profits (+13.9%), and $272 trillion in assets (+12.9%). Most stunning of all, the combined market value of the Global 2000 jumped a whopping 31.8% from last year’s record, adding more than $30 trillion in shareholder value.While the list is still dominated by banks with balance-sheet heft, this year’s movement was driven by AI-linked market value. Hardware and computer equipment providers, semiconductor companies, and software firms (which include hyperscaling giants like Microsoft and Meta) now account for over 10% of the list, or 209 companies, up from 186 last year. The combined market value of these firms has nearly doubled from $23.9 trillion to $41.4 trillion.To put it plainly: Investor exuberance over AI is driving much of the earnings and valuation growth across global markets.WHY IT MATTERS “The Global 2000’s record year shows how much muscle the world’s biggest companies still have, even with tariffs, wars and inflation working against them,” says Forbes staff writer John Hyatt. “The catch is that much of the market’s surge is now riding on AI—and on whether a relatively small group of tech companies can turn the frenzy into real, lasting profits.”MORE The World’s Largest Tech Companies: Memory Chips Skyrocket Amid AI Data Center BuildoutFacts + CommentsA new poll finds that the vast majority of people outside the U.S. do not have confidence in President Donald Trump, and less than half say the U.S. is a reliable partner:23%: The share of people who say they have confidence in Trump, according to the Pew Research Center survey37%: The percentage who said they have an unfavorable view of the U.S. 68%: Trump’s approval rating the Philippines—his highestStrategy + SuccessThanks to AI, anyone can make a resume perfectly tailored to a job description—so hiring managers are increasingly focusing on candidates who can demonstrate strong performance. Employers are looking for examples of problems you solved and measurable results, which makes internship experience especially important for recent graduates. VideoQuizA social media company is developing a prediction market app to compete with platforms like Kalshi and Polymarket. Which company is it?A. RedditB. MetaC. ByteDanceD. Snap Inc.Check your answer.Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.



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