Shares of technology companies fell, giving back some of the historic gains from the second quarter as volatility in the artificial-intelligence sub-sector continued.
Sentiment about the AI boom has oscillated between euphoria and fear for much of the last two months, and tech stocks have followed a similar pattern.
The PHLX "SOX" Semiconductor index fell by more than 5%, continuing a long stretch of out-sized moves. The SOX, which tracks AI mainstays such as Nvidia, Intel and Micron, has risen or fallen by an increment of 5% or more 15 times this year, the most since it moved by the same increment 17 times in 2022.
Some investors anticipate similar patterns in the tech sector this year to the Dotcom era. In 2000, the SOX moved by 5% or more 64 times.
CoreWeave shares slid after Bloomberg reported that one of the cloud-computing firm's major clients Meta was developing an internal "Meta Compute" division to sell its excess cloud capacity.
