A sweeping sale shook Wall Street and its international markets stock at the end of the week, with experts wondering if this is the beginning of the major correction.
The shares that starred in her rally Artificial Intelligence They were suddenly targeted, as investors began to question whether valuations can continue to rise at the same pace.
The question is no longer how big it will be the AI revolution, But if the market already has anticipate too much of it.
Until a few days ago, Wall Street seemed unstoppable. Investors purchased almost anything associated with Artificial Intelligence, semiconductor shares were being dropped one record after another and optimism over the future profits of technological colossae covered all concerns about geopolitical tensions, inflation, or interest rates.
But it only took one meeting to change the climate dramatically.
THE Nasdaq collapsed by 4.2%, noting its largest daily fall since April 2025.
S&P 500 – the most representative indicator of the American market – declined by 2.6%, while the companies in the index were depleted about 1.8 trillion dollars of stock value. She was one of the most violent reversals of the investment climate in recent years.
When good news becomes bad news
The paradox is that the occasion for the sell off It was a news that under normal circumstances should strengthen the shares.
Employment figures in the US showed an economy much stronger than analysts expected. 172,000 new jobs were created in May, confirming that the American economy is still moving with remarkable strength.
It was precisely this resilience, however, that frightened the markets. Investors began to discount that Federal Reserve would consider new increases within the coming months. The yields of the bonds were ejected, with the two-year American bond reaching a high of 15 months, as markets began to fully invoice an interest rate increase by the end of the year.
And when the odds go up, the first ones to get hit are the exact growth shares.
The first serious blow to AI trade
The biggest hit was the shares that had been converted into the undisputed protagonists of the stock exchange party.
Philadelphia's semiconductor index sank by 10.3%, recording the worst daily performance since the pandemic period in 2020. Within a few hours, about $1.2 trillion was lost to the sector considered to be the most important. «heart» The revolution of Artificial Intelligence.
Micron, who had seen its stock value launched in the previous months, collapsed over 13%. Intel, Sandisk and Super Micro Computer lost more than 11%, while even Nvidia retreated over 6%.
This image was not accidental. For months, the market operated on the assumption that costs for Artificial Intelligence would increase continuously, that chip manufacturers would continue to enjoy explosive growth and that large technological groups would have unlimited funding for their investments.
Last week the first serious doubts appeared.
Technology giants need more and more money
Initially came the disappointment from Broadcom's predictions.
Alphabet then announced a giant share issue of $85 billion in order to fund its investments in Artificial Intelligence. Information was followed that Meta was also considering a similar move.
For the first time, the market began to focus not only on AI's opportunities but also on its enormous cost.
Data centres, specialized processors, networks and energy infrastructure require hundreds of billion dollar investment. The question that begins to concern investors is whether future revenues will ultimately justify these amounts.
This doubt was enough to pierce the account that any company related to AI is essentially «invulnerable».
Market is based on fewer and fewer shares
Behind the sale lies a deeper problem.
Παρά τα ιστορικά υψηλά των αμερικανικών δεικτών, όλο και λιγότερες μετοχές συμμετείχαν στην άνοδο. Το μεγαλύτερο μέρος των κερδών του S&P 500 προερχόταν από έναν στενό πυρήνα εταιρειών που συνδέονται με την Τεχνητή Νοημοσύνη.
Πολλοί διαχειριστές κεφαλαίων προειδοποιούσαν εδώ και μήνες ότι η στενότητα της ανόδου αποτελεί προειδοποιητικό σήμα. Όταν η αγορά εξαρτάται υπερβολικά από λίγους πρωταγωνιστές, αρκεί μια αρνητική έκπληξη για να προκαλέσει αλυσιδωτές αντιδράσεις.
Αυτό ακριβώς συνέβη την Παρασκευή. Οι επενδυτές δεν πούλησαν απλώς μετοχές τεχνολογίας. Πούλησαν ταυτόχρονα ομόλογα, πετρέλαιο, χρυσό και κρυπτονομίσματα, σε μια κίνηση που θύμισε περισσότερο μαζική απομόχλευση παρά απλή κατοχύρωση κερδών.
Η αρχή του τέλους;
Το κρίσιμο ερώτημα είναι αν πρόκειται για μια υγιή διόρθωση ύστερα από ένα σχεδόν παραβολικό ράλι ή για την αρχή μιας μεγαλύτερης αναθεώρησης των προσδοκιών γύρω από την Τεχνητή Νοημοσύνη.
Η αμερικανική οικονομία παραμένει ισχυρή. Τα εταιρικά κέρδη εξακολουθούν να ξεπερνούν τις εκτιμήσεις και οι μεγαλύτερες τεχνολογικές εταιρείες συνεχίζουν να επενδύουν επιθετικά στην AI.
Από την άλλη πλευρά, οι αποτιμήσεις έχουν φτάσει σε επίπεδα που θυμίζουν άλλες περιόδους επενδυτικής ευφορίας. Ο S&P 500 διαπραγματεύεται πάνω από τον ιστορικό μέσο όρο αποτίμησής του, ενώ πολλές μετοχές της AI έχουν διπλασιάσει ή και τριπλασιάσει την αξία τους μέσα σε λίγους μήνες.
Γι’ αυτό και η πτώση της Παρασκευής ίσως αποδειχθεί σημαντικότερη από μια απλή κακή συνεδρίαση.
Ήταν η πρώτη φορά εδώ και πολλούς μήνες που η Wall Street σταμάτησε να αναρωτιέται πόσο ψηλά μπορούν να φτάσουν οι μετοχές της Τεχνητής Νοημοσύνης και άρχισε να συζητά πόσο κοστίζει πραγματικά το όνειρο που έχει χτίσει γύρω από αυτές.
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