Commodities
AI Fears Fuel Tech Stock Decline as Oil Prices Soar to $108.74
Technology stocks worldwide are experiencing a decline after leaders in the artificial intelligence industry voiced concerns about a slowdown for safety reasons. The S&P 500 fell 0.8% Monday and is on track for its fifth loss in six days.
The Nasdaq composite, which comprises many tech stocks, dropped by 1.2%. Nvidia's chips are used to train AI models, causing the company's shares to plummet 3.8%, weighing heavily on the market.
Fears of rising oil prices also contributed to the decline in financial markets. The price of Brent crude jumped 3.8% to $108.74 a barrel due to concerns about global oil supplies after Saudi Arabia shut down a major oil pipeline used as an alternative route through the Strait of Hormuz.