AI stocks push Nasdaq down 4%
The Nasdaq and Standard & Poor's indices declined significantly, with Nvidia and Qualcomm shares dropping by 6%, leading to a major downturn on the New York Stock Exchange amidst concerns over decreasing demand in the artificial intelligence sector and expectations of continued increases in U.S. interest rates. At the same time, a report from the U.S. Department of Labor showed an addition of 172,000 jobs in May, surpassing expectations, which heightened worries about rising inflation and the possibility of the Federal Reserve raising interest rates further. These developments come amid expectations of SpaceX’s listing and a potential rebound of companies involved in financing and developing artificial intelligence technologies, coupled with fears of how large investments in the sector might impact financial markets.
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