Stocks
US Stocks Plummet Amid AI Slowdown and Rising Treasury Yields
US stocks fell on Monday, with the Dow Jones Industrial Average dropping nearly 350 points. The decline was led by AI hardware stocks, which were sold off amid news that OpenAI is slowing model training and a rise in US Treasury yields.
The Philadelphia Semiconductor Index fell 1.61% to 12,465.24 points, with 21 of its 30 constituents declining. Among memory stocks, SK Hynix fell 5.03%, SanDisk dropped 3.65%, Micron Technology lost 2.61%, and Western Digital slid 0.78%. AMD slipped 3.61%.
Nvidia, however, bucked the trend to gain 1.68% after announcing a $150 billion buyback, bringing its total share repurchase authorization to $235 billion - the largest single increase in US corporate history.