The Nasdaq sank on Monday as a Chinese startup rattled faith in US leadership and profitability in AI, taking a hammer to Nvidia (NVDA) and other Big Tech stocks.
The tech-heavy Nasdaq Composite (^IXIC) sank about 3.6%, while the S&P 500 (^GSPC) dropped nearly 1.8%. The blue-chip Dow Jones Industrial Average (^DJI), which is less dependent tech stocks, bucked the trend, rising nearly 0.4%, buoyed by a rally in iPhone maker Apple (AAPL) and software giant Salesforce (CRM).
The Nasdaq and…
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