Nasdaq 100 Sinks 2% as AI Jitters Roil Wall Street: Markets Wrap.

The article discusses the recent downturn in various asset classes, primarily driven by concerns over technology profits and weaknesses in commodities, leading to significant losses in the stock market. The S&P 500 and Nasdaq 100 experienced declines of 1.6% and 2%, respectively, with notable drops in tech stocks, particularly Cisco Systems Inc., which fell 12% due to a disappointing margin outlook. The article highlights growing fears regarding the disruptive potential of artificial intelligence (AI) across multiple industries, prompting a shift in investor sentiment from optimism to caution, as evidenced by a selloff in tech shares and a reassessment of risk in the market. Additionally, it notes that while AI investments may boost the economy, they are currently perceived as a net negative for stock performance, particularly in legacy industries. [Extracted from the article]