Wall Street’s Tech Selloff Goes Global

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This podcast is sponsored by Comcast Business. When business leaders struggle to get measurable value out of artificial intelligence, it's often because they're operating AI on top of disjointed architectures, says Amit Verma, Chief Technology Officer at Comcast Business.

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That's why we make sure AI works with the connectivity fabric that permanently links people, applications, data and machines everywhere and all the time.

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That's continuous intelligence. Later, he'll explain why it can bring cohesion to AI deployments.

Luke Vargas (0:33)

The Pentagon tries to drum up support on Capitol Hill for $80 billion more to fund the Iran War. Plus, say hello to nine-figure pay packages, a CEO compensation source.

Teo Francis (0:46)

There were more CEOs making over $100 million than any time since 2021 Almost a dozen CEOs were over $200 million.

Luke Vargas (0:56)

And to build more homes in the US., do we need to rethink how they're built? It's Tuesday, June 23rd. I'm Luke Vargas for The Wall Street Journal, and here is the AM Edition of What's News, the top headlines and business stories moving your world today.

We begin with a tech-fueled market sell-off that's extending into a second day and spreading overseas. Investors concerned about the cost of AI are taking stock, while also weighing the continued downturn in SpaceX shares since its blockbuster IPO 10 days ago. This morning, Asian markets closed lower after South Korea's Cosby tumbled 10% on losses in major chip makers including Samsung. European tech stocks are also dragging down markets there, with Europe's most valuable company, ASML, retreating 5%.

And futures indicate that US stock markets are in for another down day as well, with Alphabet, NVIDIA, and Oracle all falling sharply in pre-market trading. Defense Secretary Pete Hegseth is urging lawmakers to commit more funding for the Iran War, even as talks continue to reach a concrete deal to end the conflict. We reported last week that the Pentagon is seeking $80 billion in supplemental funding, though a formal funding request hasn't yet been sent to Congress. The fresh funding push comes as lawmakers have been voicing skepticism about the terms of the deal to end the war, the fresh funding push comes as lawmakers have been voicing skepticism about the terms of the deal to end the war, and are pushing the Trump administration for a comprehensive price tag for the conflict. Last month, Hegseth told Congress that the war had cost $29 billion.

ABC is taking its fight with the Federal Communications Commission to its own airwaves. Starting yesterday, the broadcast network began urging viewers to weigh in against the FCC's early review of its broadcast licenses and a separate probe of its daily talk show, The View, using ads like this one on Chicago's ABC7 to steer its audience toward an FCC public comment page.

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ABC7 has proudly served you for more than 70 years.

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Every day we commit to inform, entertain, and serve you. Now, the FCC is questioning our commitment to the community.

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ABC says that both FCC probes threaten free speech. Meanwhile, an FCC representative called the TV spots part of a campaign of misinformation. And late yesterday, FCC chairman Brendan Carr posted a link on X encouraging people to submit comments about The View.

It's Tuesday, so it must be primary day somewhere. And in fact it is. In Maryland, Utah, New York, and South Carolina, with the latter two states attracting the most attention. Around New York City, Mayor Zoran Mamdani is weighing in on several competitive house primaries, endorsing a pair of Democrats taking on incumbents. It's part of his campaign to remake the Democratic Party by backing candidates he said will deliver material change for working people.

And in South Carolina, two Trump-backed Republicans are going head-to-head in a gubernatorial runoff. Trump initially endorsed Lieutenant Governor Pamela Evitt in the race, but on Friday said he'd endorse both her and Attorney General Alan Wilson, who's held a steady lead in opinion polls. We'll have key results for you on tomorrow's show.

And just a year after nine-figure pay packages seem to be fading for chief executives, the 100 million plus CEO salary is back with a bang. In the Journal's annual CEO pay ranking, we found that more US. CEOs crossed the once-rare pay threshold in 2025 than in any year since 2021 And Journal's special writer Teo Francis, who covers executive pay, said that nearly a dozen executives even topped 200 million.

Teo Francis (4:51)

It isn't just Elon Musk, but he and Tesla may be setting the tone. The last time we saw a surge in nine-figure pay packages, it seemed like it was a reaction to his first multi-billion-dollar pay deal. But we're also seeing the number of CEOs at the low end, under $10 million, continue to decline. And pay packages under 100 million, but over 50 million, those are getting more common too.