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Tech stocks stumbled as the Nasdaq Composite Index fell 3%, its worst week since President Donald Trump announced a sweeping tariff plan in April, stoking worries that enthusiasm for artificial intelligence may be cooling. Palantir slid 11%, Oracle 9%, and Nvidia 7%, while Meta and Microsoft, which said they will keep spending heavily on AI in earnings reports, each dropped about 4%. “Valuations are stretched,” Cresset Capital’s Jack Ablin told the Wall Street Journal. Broader pressures— a government shutdown, weakening consumer sentiment, and layoffs—also weighed on markets; the S&P 500 fell 1.6% and the Dow Jones Industrial Average declined 1.2%.

Prepared by Christopher Adams and reviewed by editorial team.