AI stocks fell as oil prices hit a five-month high amid Iran war fears, dragging global markets lower, while Nvidia, Meta and Asian markets saw sharp losses.
Drops for stocks in the artificial-intelligence industry are dragging markets down worldwide on Thursday, while oil prices hit their highest levels since May amid the Iran war.
The S&P 500 sank 1.3% following even sharper losses in Asia.
The latest shudder for AI stocks pulled markets lower around the world
Oil prices climbed to their highest levels since May, while the tech-heavy Nasdaq slid on fears that the capital funding the AI boom might be drying up.
Brent crude hit a five-month high while Nvidia, Meta and chip stocks fell, pulling Asia's benchmark indexes down by up to 3.5% a week after South Korea's Kospi plunged 7.57%.
The Nasdaq fell 1.4% as Meta, AMD and other technology stocks slid. Rising oil prices and Treasury yields added to market concerns, while Blackstone and Lockheed Martin gained.
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