Nvidia, Super Micro Computer lead AI trade carnage with both stocks down more than 12%

Artificial intelligence stocks powering much of 2024's market gains dropped Monday as U.S. recession fears sparked a global sell-off on Wall Street.stoked recession concerns, and worries that Federal Reserve is behind the curve on cutting interest rates to boost the economy. With investors in a risk-off mood, A.I. shares with high valuations were among the first to be dumped from portfolios.lost about 5%.

"Markets also appear to have become impatient for evidence that heavy investments in AI are starting to pay off for top tech firms," said Mark Haefele, chief investment officer at UBS Global Wealth Management.that Nvidia is reportedly delaying its latest AI chip by three months, which could impact megacap customers such as Meta Platforms and Microsoft.

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