A second day of selling pressure hit technology stocks tied to the AI theme on Wednesday, as sentiment cooled after an MIT report questioned the broad profitability of the new technology.
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Shares of Palantir Technologies Inc. (NASDAQ:PLTR) — a poster child of the AI-driven rally — fell another 4% by midday, paring steeper early losses. The drop followed Tuesday’s 9.4% plunge, marking the stock’s worst two-day slump since April.
- The Nasdaq 100 slid about 1%, underperforming other major indexes
- The S&P 500 eased 0.46%
- The Russell 2000 lost 0.56%
- The Dow Jones dipped 0.12%
Investors now await the release of the Fed’s July meeting minutes, due at 2:00 p.m. ET. Last month, Governors Bowman and Waller dissented in …