AI-powered stock surge cools as NVIDIA and Alphabet down 11%
The AI-powered stock surge that had everyone buzzing earlier this year is cooling off fast.
Investors are locking in their gains, and big names like NVIDIA and Alphabet have each dropped around 11% from their highs, wiping out more than $1 trillion in market value combined.
It is a sign the market is rebalancing after months of rapid growth.
Other tech leaders slump after gains
This downturn is not just about NVIDIA and Alphabet: other tech leaders are feeling it too.
Broadcom fell 16.3%, Meta dropped 9%, and chipmakers Micron and Samsung lost about 20% each, costing hundreds of billions of dollars.
Even SK Hynix, which soared earlier this year, slid back by 24%.
Oracle saw a steep 44% drop, while Tencent and Arm Holdings lost nearly 30%.
All these declines come after some pretty impressive gains earlier in the year.