Nasdaq and S&P 500 Fall as AI Stocks Drop; Oil Prices Rise
The Nasdaq and S&P 500 indexes fell over 1% following a sell-off in AI stocks like Nvidia, Oracle, and CoreWeave after OpenAI reported annualized revenues $20 billion lower than expected. Meanwhile, oil prices surged due to concerns over Middle East tensions and an approaching hurricane, causing energy market shocks and fears of an AI bubble.
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