AI infrastructure stocks plunge, dragging Nasdaq into correction

Artificial intelligence infrastructure stocks plunged Thursday, dragging the Nasdaq Composite into correction territory as traders sold off the sector. The iShares A.I. Innovation and Tech Active ETF fell 10%, with Lumentum down 14%, CoreWeave down 12%, and Corning dropping 13%. Semiconductor stocks also tumbled, with the SOXX ETF down over 9%, as AMD shed 14% and Nvidia lost nearly 7%. Tesla and SpaceX shares slid for a second day amid skepticism over the AI trade, with Tesla down 11%. In other moves, Tripadvisor plummeted 22% on leadership changes, while AppLovin rallied 26% on strong results and EPAM Systems soared 22% after raising guidance.