US tech stocks sold off on Tuesday as a wave of concerns that intense enthusiasm surrounding artificial intelligence could be overdone slammed into some of Wall Street’s most speculative companies.
The tech-heavy Nasdaq Composite was down 1.4 per cent by early afternoon in New York, with software group Palantir falling 9.2 per cent and chipmaker Arm Holdings shedding 4.5 per cent.
The decline left the index on track for its biggest one-day drop since August 1. The blue-chip S&P 500 was 0.7 per cent lower.
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