The US and Asian stock markets have dropped sharply as buyers sell off their shares in tech companies. Stocks in artificial intelligence (AI) companies have been hit the hardest.
Both the S&P 500 and the tech-heavy Nasdaq fell the most in one day since 2022. This happened in New York on Wednesday. It went down by 1.2% on the Dow Jones Industrial Average. Companies like Nvidia, Apple, Google, Tesla, Microsoft, and Alphabet were the ones that lost the most money. The Nikkei average in Japan fell more than 3% on Thursday, the most in all of Asia.
Most of this year’s stock market gains have come from shares in tech companies, especially those that work with AI. One of the biggest winners in the AI boom has been Nvidia, a company whose shares fell 6.8%. This item has lost around 15% of its value in the past two weeks.
Chipmakers Renesas Electronics and Tokyo Electron as well as SK Hynix in South Korea, were some of the worst hit in Asia. There were also big surprises in the US presidential race and in when the US central bank cut interest rates, which has made investors wary.
Source:https://theaiwired.com/tech-stocks-fall-in-us-and-asia-as-ai-shares-decline/
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