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Nasdaq fell over 2% on Tuesday as major AI-related stocks including Nvidia, Alphabet, and chipmaker Micron Technology declined sharply. Micron's shares plummeted over 13%, while Intel and Advanced Micro Devices dropped around 6% each. The sell-off also hit markets in Asia, with Samsung and SK Hynix falling 12% apiece.
Why it matters
The market is caught between optimism that AI will boost productivity and skepticism that the enormous investment required justifies the returns. According to Stanford University's AI Index Report, there was more than $580 billion（約93兆円） in corporate investment into AI in the past year, on top of over $1 trillion（約160兆円） in the four preceding years. Yet the long-term profitability of generative AI remains an open question, even as major AI companies like OpenAI and Anthropic are preparing to go public.
What to watch
Micron's earnings report expected Wednesday will signal whether the AI investment cycle is continuing. Separately, OpenAI and Anthropic are considering initial public offerings that could be among the largest in history, even though both are now generating revenue.
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