MDB - Why AI and Specialty Tech Stocks Tumbled Today
2024-02-20 20:30:46 ET
In recent times, there have been trading sessions where artificial intelligence (AI) and specialty tech stocks roared higher in price. Tuesday, however, was not one of them.
On investor hedging with a leading title in tech hardware, concern spread throughout the tech sector and affected the stocks of many niche players. AI solutions developer C3.ai (NYSE: AI) took a nearly 6% hit to its price that day, while Pure Storage (NYSE: PSTG) wasn't far behind with a 5% drop. Two other prominent specialty tech companies, data analytics giant Snowflake (NYSE: SNOW) and next-generation database expert MongoDB (NASDAQ: MDB) , both fell more than 4% lower.
That monster company the market was worried about Tuesday was graphics processing unit (GPU) behemoth Nvidia (NASDAQ: NVDA) , one of the " Magnificent Seven " tech stocks.
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Why AI and Specialty Tech Stocks Tumbled Today