AI Stocks Drag Wall Street Down from Record High

Wall Street's recent rally has been interrupted by a decline in AI stocks. The S&P 500 fell 0.7% for a third straight modest loss since setting its all-time high on Thursday.

The leading losers were tech companies that have been big winners in the AI boom, with Micron Technology plummeting 7%. Nvidia dropped 2.3%, and Broadcom sank 3.2%. Despite their recent swings, these stocks remain major gainers this year, with Micron more than tripling.

The decline is partly due to high interest rates, which make investors less willing to pay high prices for expensive stocks. Oil prices have also contributed to the pressure on yields, with Brent crude adding 0.2% to $91.02 per barrel.