AI - Why Advanced Micro Devices C3.ai Arm Holdings and Other Artificial Intelligence (AI) Stocks Slumped on Tuesday
2024-04-02 14:04:36 ET
It's clear that a couple of forces have been propelling the markets higher over the past year or so. Recent developments in the field of artificial intelligence (AI) helped kick-start a bull market last year, as the technology promises to unleash a tidal wave of productivity increases. Market watchers are also keen to know when the Federal Reserve might begin lowering interest rates and how quickly those rate cuts might progress.
With that as a backdrop, several AI-related stocks were sinking Tuesday. As of 1:16 p.m. ET, semiconductor specialist Advanced Micro Devices (NASDAQ: AMD) had slumped 3.7%, AI software maker C3.ai (NYSE: AI) was down 2.8%, chip designer Arm Holdings (NASDAQ: ARM) had dropped 1.8%, and chip maker Micron Technology (NASDAQ: MU) was also off by 1.8%
A check of all the usual suspects -- regulatory filings, financial reports, and changes to analysts' price targets -- showed nothing in the way of company-specific news to explain those falling share prices, which suggests investors are focused on broader economic developments.
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Why Advanced Micro Devices, C3.ai, Arm Holdings, and Other Artificial Intelligence (AI) Stocks Slumped on Tuesday