Another sell-off for AI stocks sends Wall Street reeling

The Korea Times

Another sell-off for AI stocks sends Wall Street reeling

NEW YORK — Another sell-off for high-flying artificial-intelligence stocks whipsawed Wall Street on Tuesday. The S&P 500 dropped 0.9 percent after careening between an early gain of 1 percent and a midday loss of 2.3 percent, sinking further from its all-time high set a week ago. The Nasdaq composite was 1.7 percent lower, and the Dow Jones Industrial Average was down 82 points, or 0.2 percent, as of 2 p.m. Eastern time. Indexes swung lower as companies selling computer chips, memory and other building blocks of the AI boom broke from early gains to losses. Micron Technology went from a jump of 4.2 percent to a drop of 5.1 percent, for example. That's a day after it soared 9.9 percent and two days after it plunged 13.3 percent. The computer memory company’s stock has already tripled so far this year, raising criticism that it’s gone too far, too fast. Following last week’s industrywide sell-off, the question is whether AI stocks broadly are heading for a long downturn or just needed a shake-out to get rid of excessive optimism. Marvell Technology dropped 10.7 percent, and Advance

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