Dow Jones Slumps as IBM Exits Facial Recognition, Apple Set to Unveil Custom Mac Chip

After a long rally driven partly by optimism surrounding the reopening of the U.S. economy, the Dow Jones Industrial Average (DJINDICES: ^DJI) gave back some ground on Tuesday. The Dow was down about 0.9% at 10:45 a.m. EDT.

Shares of International Business Machines (NYSE: IBM) underperformed after the company announced it was exiting the facial recognition business due to ethical concerns. Meanwhile, Apple (NASDAQ: AAPL) stock managed to gain following a report that the tech giant will reveal a custom chip for its Mac computers later this month.

IBM is a big player in the artificial intelligence market. The company claimed a 9.2% share of the global artificial intelligence market in 2018, according to data from IDC, making it the leader in a $28 billion industry.

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Source Fool.com