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Nasdaq falls 1.4% as AI revenue doubts hit tech stocks
The Nasdaq 100 fell 1.4% amid worries that OpenAI's revenue will miss expectations.
US technology stocks took a sharp hit. The Nasdaq 100 dropped 1.4%, its worst one-day fall in seven weeks.
The S&P 500 Index fell 0.5%. Semiconductor stocks were hit harder: the Philadelphia Semiconductor Index plunged 3.4%.
Worries that OpenAI's revenue will disappoint spread to other artificial intelligence companies and chipmakers. Wall Street's fear gauge, the Cboe Volatility Index, rose for the second day running.
- 1.4%
- Nasdaq 100 drop
- 3.4%
- Semiconductor Index drop
- 0.5%
- S&P 500 drop
Why it mattersA market-wide retreat from AI stocks could signal deeper concerns about whether prices have run ahead of actual earnings in the sector.
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