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Fortune

Jason Ma

Tech stocks lead market bloodbath as fears of Fed rate hikes add to worries about the AI-fueled chip boom petering out

US Federal Reserve

(Credit: Adam Gray/Bloomberg via Getty Images)

Stocks tumbled Friday as a selloff that began earlier in the week over fears about the AI boom’s longevity was compounded by worries about rate hikes from the Federal Reserve.

The Nasdaq sank 4%, suffering its worst selloff since April 2025—during the height of President Donald Trump’s tariff shock. The S&P 500 lost 2.6%, and the Dow Jones Industrial Average fell 1.35%.

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