Concerns about AI have swept through the market: The Nasdaq 100 fell more than 1%

Wall Street has turned its attention to concerns about artificial intelligence, according to Barron's. After the U.S. market opened, the sell-off in technology and AI stocks continued for the second day in a row. The Nasdaq Composite Index fell 1.3% in the first few minutes of trading, while the narrower Nasdaq 100—which includes the 100 largest companies traded on that exchange—dropped 1.5%.

"It looks like things won't go very well for the 'bulls' this morning," commented Paul Hickey, co-founder of Bespoke Investment Group.

The S&P 500 fell 0.3% after the market opened, while the Dow Jones is up 0.5%.

Stock markets remain under pressure amid the release of new macroeconomic data, which has had virtually no impact on expectations that the Federal Reserve (Fed) will keep interest rates high for longer, according to Bloomberg. In addition, AI-related stocks are being influenced by the financial results of Anthropic, one of the leading AI labs, which were made public yesterday, notes CNBC. According to sources cited by the TV network and the Financial Times, the company’s third-quarter revenue rose 50% to $16.8 billion, which some traders estimate may not be high enough to justify the significant rise in chipmakers’ stock prices.

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