Corporate profits fell worldwide for the first time in three quarters during January-March, data compiled by Nikkei shows, as economic headwinds in China rippled across industries ranging from chemicals to steel and machinery, Report informs.

Yet American tech giants and semiconductor-related companies are posting gains on the rise of generative artificial intelligence, highlighting the global economy’s growing reliance on the US.

Net profit across roughly 24,600 publicly traded companies — including in the US, Japan, China and Europe — fell 6% on the year to $1.11 trillion, according to earnings results and forecasts from QUICK FactSet and other sources.

Together, these companies account for over 90% of global market capitalization.

Profits grew at nine out of 17 industries, compared with 11 in the October-December quarter.