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.

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Source Fool.com