Nvidia, Bitcoin And Other Falling Stars Dragging US Stock Market Lower
HuffPost
The S&P 500 fell 0.9% and pulled further from its all-time high set late last month as Nvidia and other superstars created by the frenzy around artificial-intelligence technology dimmed some more.
NEW YORK (AP) — The U.S. stock market sank Monday as Nvidia and other superstars created by the frenzy around artificial-intelligence technology dimmed some more.
The S&P 500 fell 0.9% and pulled further from its all-time high set late last month. The Dow Jones Industrial Average dropped 557 points, or 1.2%, and the Nasdaq composite sank 0.8%.
Nvidia was the heaviest weight on the market, as it’s often been in its last couple of tumultuous weeks. The chip company fell 1.8%, while losses for other AI winners included a 6.4% slide for Super Micro Computer.
Other areas of the market that had been high-momentum winners also sank. Bitcoin fell below $92,000, down from nearly $125,000 last month, for example. That helped drag down Coinbase Global by 7.1% and Robinhood Markets by 5.3%.
Critics have been warning that the U.S. stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive. Critics point in particular to stocks swept up in the AI mania, which have been surging at spectacular speeds for years.
