Bitcoin, AI Stocks Drop

The US stock market fell Monday as Nvidia and other superstars created by the frenzy around artificial-intelligence technology dimmed some more.

• The S&P 500 fell 61.70 points, or 0.9%, to 6,672.41 Monday and pulled further from its all-time high set last month.
• The Dow Jones Industrial Average dropped 557.24 points, or 1.2%, 46,590.24.
• The Nasdaq composite sank 192.51 points, or 0.8%, to 22,708.07.

Nvidia fell 1.9% and was again the heaviest weight on the market, as it's often been in its last couple of tumultuous weeks, the AP reports. Worries are high that its stock price shot too high following a stupendous rise, raising the stakes for its profit report coming Wednesday.

Losses for other AI winners included a 1.6% fall for Palantir Technologies and 6.4% slide for Super Micro Computer. Other areas of the market that had been high-momentum winners also sank. Bitcoin fell below $92,000, down from nearly $125,000 last month, for example. That helped drag down Coinbase Global by 7.1% and Robinhood Markets by 5.3%. Critics have been warning that the US stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive. Critics point in particular to stocks swept up in the AI mania, which have been surging at spectacular speeds for years. Even with Monday's loss, Nvidia is still up nearly 38% for the year so far.

Aramark fell 5.2% after the company reported a profit for the latest quarter that fell short of analysts' expectations. The company, which offers food and facilities management for schools, national parks and convention centers, also said it expects an underlying measure of profit to grow between 20% and 25% this upcoming year. While relatively strong, that was less than what analysts had been forecasting. That helped offset a rise of 3.1% for Alphabet. It jumped after Berkshire Hathaway said it built a $4.34 billion ownership stake in Google's parent company. Berkshire Hathaway, run by famed investor Warren Buffett, is notorious for trying to buy stocks only when they look like good values while avoiding anything that looks too expensive.