AI Bubble Fears Trigger $2.3 Trillion Wall Street Selloff

US stock markets suffered a major rout on Thursday as fears over an artificial intelligence bubble triggered a massive Wall Street selloff, erasing $2.3 trillion in market value.

The Nasdaq 100 Index plunged over 6 percent in its worst drop since March 2020, while the Philadelphia Semiconductor Index tumbled 12 percent into a bear market.

PenderFund Capital Management CIO Greg Taylor compared the market collapse to the internet and housing bubbles of 2008 and 2001.