04:21 PM EST, 02/12/2026 (MT Newswires) -- The Toronto Stock Exchange crashed again Thursday, closely sharply lower on losses for tech issues, just as Rosenberg Research said the latest earnings in the tech sector revealed its return on investment "anxiety" is rising as "bottlenecks move up the supply chain", in addition to losses in energy and base metals on deflated commodity prices.

The S&P/TSX Composite Index closed down 788.91 points, or 2.4%, to 32,465.28. While this comes only two days after the resources-heavy index set its 11th record close of 2026, it also comes after a number of other outsized recent sell offs, including the last Friday of January when near 1,100 points were lost.

Most sectors were lower, with Base Metals down 4% and Info Tech down 3.7% prominent. Industrials was also down 4%. In contrast, both Utilities and the Battery Metals Index rose 1.5%.

On tech matters, Mehmet Beceren, Research Economist and Markets Strategist at Rosenberg Research in a 'Market Strategy' note said AI is "squeezing" the energy and chips supply chain.

Among key takeaways, Beceren said the Rosenberg Research trade recommendations for AI infrastructure and energy supply chain have been validated. "The earnings-call themes and subsequent market action have favored our earlier pivot toward infrastructure and energy-linked equipment, alongside our call on Asian Tech outperformance," he said.

Beceren said "a split market is taking hold", with software/services being repriced as agentic AI pressures pricing power, while hardware and physical constraints earn a scarcity premium.

In addition, Beceren said, "bottlenecks are migrating". He added: "Memory is the near-term pinch point, and power plus energy storage are becoming the longer-duration constraints that will shape the next phase of the AI build-out."

Of commodities, gold retreated back below the US$5,000 mark late afternoon Thursday on tempered hopes for a U.S. interest-rate cut after the United States added more jobs than expected last month. Gold for March delivery fell was last seen down $157.00 to US$4,9941.500 per ounce, remaining under the Jan. 29 record high of US$5,354.80.

Also, West Texas Intermediate crude oil closed sharply lower Thursday as a warning from the International Energy Agency (IEA) that oil demand is slowing amid rising production offset the geopolitical tensions that have supported prices. WTI crude oil for March delivery closed down $1.79 to settle at US$62.84 per barrel, while April Brent oil was last seen down $2.04 to US$67.36.