Wall Street tech selloff erases $3 trillion, Nasdaq plunges 5.5% in AI retreat

A sweeping selloff led by technology stocks on Wall Street Thursday erased almost $3 trillion from the market value of companies in the S&P 500. Investors responded to intensifying concerns over increased artificial intelligence spending, tighter regulations, and the outlook for corporate performance in the sector. The Nasdaq Composite dropped 5.52% to close at 24,315, marking its most severe one-day loss in 19 months and driving the index into correction territory. The S&P 500 fell 4.36% to 7,353.73, while the Dow Jones Industrial Average declined 3.44% to end at 51,523.06. Chipmakers suffered the most, with the Philadelphia Semiconductor Index retreating by more than 12%. Selloffs quickly spilled over to Asia and Europe.

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