Shares of technology companies fell as optimism about artificial intelligence and digital currencies subsided somewhat.

Shares of Adobe plunged after the maker of design software forecast revenue growth shy of Wall Street targets, dashing hopes for robust AI-related demand. Adobe's fourth quarter "wraps up a year of delayed gratification for AI," said BofA Securities analyst Brad Sills.

Microstrategy fell sharply, and the software maker is now more than 20% below its all-time peak as investors question the prudence of its decision to invest billions of dollars in bitcoin. Bitcoin is hovering near record highs around $100,000.

Activist investor Starboard Value has built a significant position in Riot Platforms and is pushing for changes at the bitcoin-mining operator.

Australia plans to implement a new charge on the owners of global tech platforms, attempting to shore up local media outlets months after Facebook cut ties with traditional news providers.

Meta Platforms has donated $1 million to U.S. President-elect Donald Trump's inaugural fund, the latest step by Chief Executive Mark Zuckerberg to bolster his once-fraught relationship with the incoming president.

Microsoft will record an $800 million impairment charge tied to its minority investment in General Motors' now-scrapped Cruise robotaxi program.

Tesla gave back some of its recent gains as traders pared back bets that GM's decision boded well for Tesla's competitive.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-12-24 1815ET