U.S. stock market opens, Nasdaq drops over 1%

According to Gate market data, the three major U.S. stock indices opened lower, with the Dow Jones down 0.2%, the S&P 500 down 0.7%, and the Nasdaq down 1.2%. AI giants are calling for a slowdown in development, leading to declines in AI chip stocks, with NVIDIA (NVDA.O) down 3.3%, Intel (INTC.O) down 7%, and AMD (AMD.O) down 5.2%.

Micron Technology (MU.O) is down 6.7%, SK Hynix (SKHY.O) is down 7.1%, and SanDisk (SNDK.O) is down 5.8%. Oracle (ORCL.N) is down 5.2%, with reports indicating the company has initiated a new round of layoffs.