NVIDIA Corporation (NVDA.US) plunges, dragging down the overall market. The Nasdaq falls more than 1% as market differentiation intensifies under the AI boom.

Against the backdrop of intense fluctuations in the artificial intelligence (AI) theme, NVIDIA Corporation (NVDA.US) experienced its worst single-day performance since last spring, plummeting nearly 5.5% on Thursday and dragging down the overall US stock market. On that day, the S&P 500 index fell 0.5% to 6,908.86 points; the Dow Jones Industrial Average edged up 17.05 points to close at 49,499.20 points; while the Nasdaq Composite Index tumbled nearly 1.2% to 22,878.38 points. Despite the weakness in the indices, the number of stocks rising in the S&P 500 index was more than twice the number of declining stocks, indicating significant structural differentiation in the market. Is NVIDIA Corporation running out of good news? As a core beneficiary of the AI computing power boom, NVIDIA Corporation's latest quarterly earnings once again exceeded market expectations by a large margin, with strong profit growth and revenue guidance for the current quarter higher than Wall Street estimates. CEO Jensen Huang stated, "Our customers are accelerating their investments in AI computing power, and these 'factories' are driving the AI industrial revolution and its future growth." However, as exceeding expectations has become the norm, the market's surprise level is gradually decreasing. Investors are concerned that as the company invests billions of dollars in the AI sector, doubts remain about whether they can recoup costs through productivity improvements in the future. If customers reduce purchases of high-end chips and related investments, NVIDIA Corporation's high growth logic may face challenges. As the largest company in the current US stock market, NVIDIA Corporation has a very high weighting in the S&P 500 index. Data shows that its single-day decline contributed to more than four-fifths of the S&P 500 index's decline, becoming a key factor dragging down the market. Salesforce, Inc. stock rebounds, AI competition concerns remain In contrast to NVIDIA Corporation, Salesforce, Inc. (CRM.US) saw its stock rise over 4%. The company's latest quarterly profit also exceeded analysts' expectations, and it announced a buyback of up to $500 billion to return funds to shareholders, while also raising its dividend level. CEO Marc Benioff said, "Agent-based AI is becoming a tailwind for our business." However, despite the short-term rebound, Salesforce, Inc. has accumulated a drop of nearly 25% year-to-date. Previously, the market was concerned that emerging competitors driven by AI could pose a threat to its core customer management business. In fact, since the beginning of the year, companies in multiple industries such as truck logistics and financial services have faced fierce selling pressure from investors, as there are concerns that their business models may be weakened or even eliminated under the impact of AI. The software sector is particularly volatile. A widely followed software industry ETF rose 2.1% on Thursday, but still accumulated a decline of over 22% year-to-date. Oil prices shake violently as US-Iran talks become focus In addition to tech stocks, the oil market also saw intense fluctuations. The US and Iran engaged in indirect talks on the nuclear program, causing the energy market to be highly sensitive. It is widely believed that if the talks make a breakthrough, it will ease the risk of war, avoid disruption in global oil supply, and push up oil prices. US benchmark crude oil briefly fell to $63.60 per barrel, then rebounded to above $66.50 per barrel, eventually closing at $65.21 per barrel, up 0.3%. Brent crude closed at $70.75 per barrel, down 0.1%. Macquarie strategists noted that this round of talks carries a "make-or-break" significance. Bond market steadies, moderate employment data In the bond market, US Treasury yields slightly retreated. The 10-year US Treasury yield fell from 4.05% at the end of Wednesday's session to 4.01% at one point. A recent report showed that initial jobless claims in the US rose slightly last week, but it was basically in line with economists' expectations and still at a historically low level. In overseas markets, European stocks generally rose slightly. Asian markets saw mixed movements, with South Korea's Kospi index surging 3.7% to hit another record high, with a cumulative gain of close to 50% since the beginning of the year; while Hong Kong's Hang Seng Index fell 1.4%. Analysts pointed out that while the AI revolution brings huge opportunities, the market is also reevaluating the sustained growth capabilities of high-valuation tech leaders. As the battle between corporate profits and valuation expectations intensifies, volatility in the US stock market may continue to rise.