In a significant downturn for the U.S. stock market, major indices saw sharp declines. The Nasdaq fell by 2.55%, marking its largest single-day drop since February, while the Dow Jones and S&P 500 dropped 2.48% and 2.36%, respectively. Key tech stocks, including Apple (AAPL, Financial), Nvidia (NVDA), and Amazon (AMZN), experienced widespread losses. Tesla (TSLA) notably plummeted nearly 8% during trading before closing down 5.75%, accumulating a year-to-date drop of nearly 44%.
Wedbush analyst Dan Ives expressed concerns about Tesla's current challenges, urging CEO Elon Musk to focus on the company amidst a "red alert" situation.
In other news, Huawei plans to ship new AI chips that match Nvidia's H100 performance, using advanced integration of two 910B processors. Meanwhile, Google's AI division unveiled a new hybrid quantum simulation method, enhancing control without sacrificing speed.
Amazon (AMZN) faced a 3.5% drop after Wells Fargo reported a pause in some data center leasing, reflecting a cautious approach amid recent aggressive leasing activities. Despite this, other tech giants like Google (GOOG), Meta (META), and Oracle (ORCL) remain active, with Nvidia's (NVDA) activities intensifying.
