Nasdaq Falls 2.6%, Largest Single-Day Drop Since June

On October 23, U.S. tech stocks plummeted, with the Nasdaq dropping 2.6%, marking the largest single-day decline since June. Investors are concerned that spending in the artificial intelligence sector may not be sustainable, leading to declines in several major AI concept stocks. Meta's stock fell by 7% after the company disclosed it would incur significant additional spending commitments, despite revenue growth, as profits fell short of Wall Street expectations. Analyst Navilier pointed out that the market is indiscriminately selling off, affecting quality stocks. Nvidia's CEO stated that the lack of sufficient capital to support the growth of new cloud service providers has intensified market concerns about AI spending. Stocks of SpaceX, Nvidia, and CoreWeave all declined, and the Philadelphia Semiconductor Index plummeted by 6.7%. U.S. investors turned to the bond market for safety, resulting in a significant drop in U.S. Treasury yields.

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