Tech Stocks Swing Wildly as US Market Sees Mixed Movements

The US stock market experienced mixed movements on Wednesday. While the Dow Jones Industrial Average continued its record-breaking streak, the Nasdaq dropped by over 0.8%, and the S&P 500 edged down slightly.

Communication services and energy sectors fell by around 2%, whereas materials rose by over 2%. Tech stocks swung wildly due to individual issues surrounding major companies.

Nvidia surged more than 3% after Elon Musk announced that he would exclusively use the company's processors for building next-generation AI infrastructure. However, rival AMD plummeted over 7% as it failed to meet heightened expectations despite beating market forecasts for earnings.

Alphabet also fell more than 4% amid concerns over a leadership vacuum following an AI division reorganization and the departure of key executives. SpaceX plummeted by over 13% due to confirmation that massive costs were poured into expanding AI facilities, sparking selling pressure over excessive investment burdens on corporate profitability.