Shares of technology companies slid as fears about the sustainability of an artificial-intelligence boom intensified after an unprecedented plunge for Korean memory-chip maker SK Hynix.

Chip stocks declined as AI spending concerns, SK Hynix's sharp fall and profit booking hit Nvidia, AMD, Micron and other semiconductor shares.

Shares of technology companies slid as fears about the sustainability of an artificial-intelligence boom intensified after an unprecedented plunge for Korean memory-chip maker SK…