Tech Stocks Plunge on AI Spending Fears

The rout was led by semiconductor stocks, with traders bracing for Micron Technology’s earnings as a bellwether for AI demand.

Elon Musk’s net worth fell below the trillion-dollar mark as SpaceX shares slid in the sell-off.

Analysts warned that the AI-driven rally may be cracking, with options traders buying protection on chip ETFs.

The decline reflects growing skepticism about the timeline for AI investments to generate profits.