Wall Street's AI Stocks Sink Further Amid High Interest Rates

Wall Street's momentum continues to wane as AI stocks sink further into losses. The S&P 500 fell 0.5% on Tuesday, marking a third consecutive modest loss since setting its all-time high last Thursday.

The Dow Jones Industrial Average was down 33 points, or 0.1%, and the Nasdaq composite dropped 1.3%. Micron Technology led the decline with a 5.9% drop, while Nvidia fell 2.5% and Broadcom sank 3.7%.

Despite their recent swings, these AI stocks remain big winners, with Micron more than tripling in value this year. However, high interest rates have made investors less willing to pay premium prices for expensive stocks, including those in the AI sector.