Shares of technology companies slid as traders fled risky artificial-intelligence stocks.
Shares of chip maker Nvidia fell, wiping out its recovery for the week, and continuing a correction that has seen it fall by roughly 15% from its peak in early July.
Rival Intel plunged after the bell after the once dominant chipmaker unveiled a massive retrenchment.
Intel plans to cut about 15,000 employees by the end of the year, suspend its dividend and reorient its operations to catch up on Nvidia and others.
Shares of Amazon.com fell in late trading after the online megastore's quarterly earnings growth lagged some investors' expectations.
Meta Platforms rose after investors were cheered by the Facebook owner's growth in digital advertising and reinvestment of money in artificial-intelligence and metaverse enterprises.
Microsoft named OpenAI among its significant rivals, acknowledging that a key AI partner is also increasingly competing for some of the same business.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-01-24 1712ET
