2024-08-05 16:14:57 ET
Artificial intelligence (AI) has been all the rage since early last year, helping to ignite and sustain an ongoing market rally. Generative AI has shown the potential to streamline time-consuming tasks, which will increase productivity and boost profits for companies that adopt this groundbreaking technology.
Nvidia (NASDAQ: NVDA) is widely regarded as the flag-bearer for AI, so when Nvidia sneezes , other AI stocks catch a cold. Furthermore, a rate hike in Japan had unintended consequences for global markets.
With that as a backdrop, several of the world's most renowned AI companies suffered setbacks today. Palantir Technologies (NYSE: PLTR) tumbled 2.7%, Super Micro Computer (NASDAQ: SMCI) slumped 1.8%, and Broadcom (NASDAQ: AVGO) slipped 1.7% as of 3:41 p.m. ET.
For further details see:
Why Palantir Technologies, Super Micro Computer, and Other Artificial Intelligence (AI) Stocks Stumbled Today