U.S. stocks fell sharply on Tuesday as the selloff in major technology names accelerated and bitcoin briefly dropped under $90,000.
The Dow Jones Industrial Average fell 584 points, or 1.3%, while the S&P 500 lost 1.1% and headed toward a fourth straight losing session.
The Nasdaq Composite dropped 1.7%, extending a tech-led decline that has pressured markets through November.
Nvidia slipped 2% and is down 10% so far this month, with investors bracing for its quarterly results due Wednesday.
Amazon and Microsoft also retreated, even after AI start-up Anthropic unveiled a $30 billion spending plan with Microsoft and confirmed fresh investments from both Microsoft and Nvidia.
The deal failed to spark the usual AI-driven rally.
Alphabet CEO Sundar Pichai added to caution, telling the BBC that parts of the AI boom reflect irrationality and that no company would be spared if the bubble bursts.
Bitcoin’s drop below $90,000, extending its slide from the early-October peak of $126,000, added to pressure on tech-heavy portfolios. The cryptocurrency later steadied above $91,000, but the retreat rose fears of a deeper equity correction as many tech investors hold significant crypto exposure.
