Global markets slide as AI stocks fall, oil hits five-month high

Global markets fell Thursday as artificial-intelligence stocks declined sharply, while oil prices reached their highest level since May amid concerns over the war with Iran. The S&P 500 dropped 1.3%, with the Nasdaq composite down 2.4%. AI-related stocks weakened on worries about high borrowing costs for data centers and AI chips, plus concerns that prices had risen too far. Major tech firms like Nvidia, Meta, and Tesla fell, despite some reporting stronger-than-expected profits. Asian markets saw steeper losses, with South Korea's Kospi down 3.5%. Oil's rise to $111.99 per barrel added pressure, while U.S. Treasury yields fell as investors sought safer assets. Most S&P 500 stocks actually rose, but tech losses outweighed gains.