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Fortune
Fortune
Jim Edwards

Tech stocks head south as investors see that growth in AI is not limitless

MIT Marvell Technology Nvidia Marvell Super Micro Computer Inc. United States
Jensen Huang standing on a stage with a red background
  • Tech stocks declined in August as investors questioned the limits to the growth of AI companies. Nvidia, Marvell Technology, and Super Micro Computer Inc. all underperformed the broader market last month. This uncertainty may impact the S&P 500, which is dominated by the “Magnificent 7” tech giants.

The Nasdaq 100 closed down 1.22% on Friday and while U.S. markets are closed today for the Labor Day holiday, futures contracts for the index are not: They’re trading flat this morning, implying that investors are not expecting much from tech stocks once the opening bell rings in New York on Tuesday.

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