Nasdaq plunges 4% into correction as AI chip stocks get hammered

Nasdaq plummets 4% into correction territory

The Nasdaq Composite fell about 4% Thursday, sliding 10% below last month's record close as the AI trade sold off hard. Micron and AMD dropped 16%, Nvidia lost 8%, and the VIX jumped above 22. The Macro Research Board warned the shakeout in AI-related stocks "has much further to run" as investors question lofty profit forecasts. Gold and silver rallied on a weaker dollar, while OpenAI pledged to cover data center power costs after midterm voters rejected rapid AI expansion.