AI-Related Stocks Drag US Market Back from Record Highs

The US stock market has pulled back from record highs as technology shares related to artificial intelligence came under renewed selling pressure. The S&P 500 declined 0.5%, putting it on course for a third consecutive modest drop since reaching its all-time high last Thursday.

The decline was led by several big recent winners, particularly companies that have benefited from the surge in AI spending. Micron Technology fell 3.5%, making it one of the biggest drags on the S&P 500. Chipmakers Nvidia and Broadcom also weighed on the index, falling 1.6% and 2.2%, respectively.

Despite the recent volatility, these stocks remain among the market's strongest performers this year. Micron has gained more than threefold, but highly valued stocks tend to face greater scrutiny when borrowing costs are moving higher.