US stocks end lower as AI fears revive

US stocks closed lower on Thursday, as stronger-than-expected results from Nvidia failed to revive investor sentiment toward the technology and AI-linked sectors.

The Dow Jones Industrial Average ended flat at 49,499 points, supported by a 4% rise in Salesforce shares to $199.49.

The broader S&P 500 fell 0.54%, or 37 points, to 6,908 points, while the Nasdaq Composite dropped 1.18%, or 273 points, to 22,878.

The decline was driven by a 5.46% fall in Nvidia to $184.89, marking its worst daily performance since April.

In Europe, the Stoxx Europe 600 closed unchanged at 633 points, although most major bourses posted gains.

The UK’s FTSE 100 rose 0.37% to a record close of 10,846. Germany’s DAX gained 0.45% to 25,289, and France’s CAC 40 advanced 0.72% to 8,620.

In Japan, the Nikkei 225 added 0.29% to close at a record 58,753, while the broader Topix climbed 0.97% to 3,880.

In oil markets, April Brent crude futures slipped 0.14%, or 10 cents, to $70.75 a barrel, after trading between $72.61 and $69.16 during the session.

WTI crude futures for April delivery fell 0.32%, or 21 cents, to $65.21 a barrel.

Gold futures for April delivery declined 0.61%, or $32, to $5,194.20 an ounce.

What’s behind the moves?

Investor concerns persisted over the scale of technology companies’ spending on AI infrastructure and the risk of a bubble forming in the nascent sector, despite Nvidia reporting better-than-expected results for the final quarter of its fiscal year.