Oil Near $100 and AI-Spending Jitters Rattle Wall Street Ahead of Megacap Earnings

US equities wobbled at the end of the week as two forces collided: a renewed surge in oil prices and mounting unease over the scale of artificial-intelligence spending. Brent crude pushed back toward $100 a barrel amid fresh tensions in the Middle East, reviving inflation worries and pressuring shares before easing slightly on Friday. At the same time, investors questioned whether the enormous capital outlays by large technology companies on AI infrastructure will pay off quickly enough, weighing on chip and hardware names. The S&P 500, which has hovered near record territory this year, slipped from its highs, while safe-haven assets such as gold drew buyers. The stakes rise sharply next week: several of the largest technology companies, including Microsoft, Meta, Apple and Amazon, are due to report quarterly results that will test lofty valuations, and the Federal Reserve holds a policy meeting alongside key inflation data. Analysts said the combination of geopolitical risk, energy costs and stretched positioning in crowded AI trades leaves the market prone to sharp swings in either direction as earnings season intensifies.