Summary

The Nasdaq’s sudden lurch lower on Friday looked like a crack in a story that had seemed, until recently, almost bulletproof—the story that artificial intelligence is not merely a useful tool but a civilizational force, the kind of technological leap that justifies paying 1999 prices for 1999-style dreams. Tech stocks led the worst market sell‑off since October, with AI‑linked megacaps shedding hundreds of billions of dollars in value in a single session.

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