FX.co ★ AI Stocks Plunge on Thursday

US equities delivered another uneven performance as renewed pressure on AI infrastructure stocks offset continued strength in more traditional parts of the economy. The S&P 500 declined 0.5%, while the Nasdaq 100 fell 1.5%, marking its sixth loss in seven sessions.

Semiconductor makers and AI hyperscalers extended their slide after Anthropic reported third-quarter revenue that slowed from earlier in the year and came in below most forecasts. The update deepened concerns that surging capital expenditures in AI may not generate commensurate returns. Shares of Micron, Intel, AMD, and Marvell each lost more than 6%, while Seagate and Western Digital dropped about 9%.

Adding to the pressure, stronger-than-expected producer price inflation reinforced expectations for a Federal Reserve rate hike later this year. That backdrop weighed on data-center operators that have taken on record amounts of debt to fund capital spending: CoreWeave fell 8% as its bonds sold off sharply.

In contrast, the Dow Jones Industrial Average rose 0.6%, as a rally in Treasuries underscored a rotation away from speculative growth names toward more established sectors. Walmart gained 3%, and Eli Lilly advanced 2%.