There's little question that the hard-charging market rebound this year is largely the result of excitement about recent advancements in artificial intelligence (AI). In the wake of their worst performance since 2008, the major market indexes are decidedly in rally mode so far in 2023, driven by the potential for widespread productivity gains courtesy of generative AI.

With that as a backdrop, semiconductor specialist Nvidia (NASDAQ: NVDA) slumped 4.9%, enterprise software purveyor (NASDAQ: MSFT) fell 2.7%, and search giant Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) slipped 2.4%, as of 3:26 p.m. ET Wednesday.

While the downgraded debt rating for the U.S. no doubt contributed to the market's dour mood today, the quarterly financial results for another AI-centric company weren't as robust as some investors had hoped, helping fuel the pessimism.

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Source Fool.com