Why Palantir Technologies, Super Micro Computer, and Other Artificial Intelligence (AI) Stocks Stumbled Today
Artificial intelligence (AI) has been all the rage since early last year, helping to ignite and sustain an ongoing market rally. Generative AI has shown the potential to streamline time-consuming tasks, which will increase productivity and boost profits for companies that adopt this groundbreaking technology.
Nvidia (NASDAQ: NVDA) is widely regarded as the flag-bearer for AI, so when Nvidia sneezes, other AI stocks catch a cold. Furthermore, a rate hike in Japan had unintended consequences for global markets.
With that as a backdrop, several of the world's most renowned AI companies suffered setbacks today. Palantir Technologies (NYSE: PLTR) tumbled 2.7%, Super Micro Computer (NASDAQ: SMCI) slumped 1.8%, and (NASDAQ: AVGO) slipped 1.7% as of 3:41 p.m. ET.
Source Fool.com
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