American technology stocks fell sharply over the weekend due to concerns about the overheating pace of AI investment and disappointing profits from the semiconductor sector. The Nasdaq Composite lost 1.2%, while the S&P 500 dropped 0.6% – the steepest decline in August, although it still rose 1.9% for the month.
Marvell Technology fell nearly 19% as data center revenue missed expectations, leading Bank of America to downgrade its recommendation. Nvidia also dropped 3.3% on the day and lost 2.1% for the week, due to uncertainty from the restrictions on AI chip exports to China. The Philadelphia Semiconductor Index fell to its lowest level since mid-April.
Meanwhile, trade tensions and competition from Cambricon – the Chinese AI chip manufacturer that achieved record profits – continue to put pressure on Nvidia. Super Micro Computer fell 5.5% due to accounting troubles. Bitcoin also did not escape the wave of selling, dropping below 108,000 USD, down nearly 7% for the week.
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