Sharp drops for AI stocks overwhelm markets worldwide as oil prices jump

Asian and global shares declined after a significant drop in AI stocks, driven by chip and datacenter costs, overwhelmed markets. The S&P 500 experienced its worst day since July, falling 1.2%, while the Nasdaq composite tumbled 2.6%. Conversely, the Dow Jones Industrial Average rose slightly by 11 points. Simultaneously, oil prices reached their highest levels since May due to concerns regarding the war with Iran, further impacting the broader financial landscape during Thursday's trading session.