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A selloff in the world’s largest technology companies drove stocks to their longest slide since August, underscoring the American market’s narrow reliance on a handful of growth giants.
The S&P 500 lost almost 1%, falling for a fourth straight day. In the run-up to Nvidia Corp.’s results, the shares sank 2.8%. The bar is getting higher for the chipmaker to convince investors that the billions of dollars spent on artificial intelligence will pay off. Its outlook could have significant implications due to the firm’s massive influence on major indexes.
Wall Street has grown increasingly concerned that AI isn’t yet generating enough revenue or profits to justify the massive spending on infrastructure. Microsoft Corp. and Nvidia are committing to invest up to a combined $15 billion in Anthropic PBC, in a move that ties the AI developer closer to two of the biggest backers for its rival OpenAI.
The S&P 500 dropped to around 6,617, the lowest in more than a month. A gauge of tech megacaps slid 1.8%. A closely watched index of stock volatility — the VIX — hovered near 25.
Bitcoin climbed after briefly dropping below $90,000. The yield on 10-year Treasuries slid two basis points to 4.12%. The dollar wavered.
Today's show features:

Vance Howard, CEO & Portfolio Manager, Howard Capital Management, on market valuation and AI bubble concerns
Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, on Saudi Crown Prince Mohammed bin Salman’s White House visit with President Donald Trump
Dr. Adam Posen, President of the Peterson Institute for International Economics, on the global economic outlook and the US monetary policy impact
Stephanie Guild, Chief Investment Officer at Robinhood Markets, on the makeup of next-gen retail investors and key trends among female investors who are increasingly coming into greater wealth

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Nr. 14. - Why This Bubble Economy Keeps Going and Going