US technology stocks came under pressure on Tuesday after a report from the Massachusetts Institute of Technology (MIT) and statements by OpenAI CEO Sam Altman raised doubts about the economic potential of generative artificial intelligence. The Nasdaq Composite lost 1.4 percent, marking its largest daily decline since early August, while the S&P 500 fell by 0.7 percent.

Particularly hard hit were this year's stock market favorites: Palantir plummeted by 9.4 percent, Arm by 5 percent, and Oracle by 5.9 percent. Nvidia, which had risen to become the world's first four trillion dollar company due to the AI boom, lost 3.5 percent. AMD and AppLovin also each lost more than 5 percent.

The trigger was an MIT report stating that "95 percent of companies yield no return" from investments in generative AI. Only 5 percent of pilot projects have generated millions in value so far, while the majority remain without measurable results. Traders spoke of a noticeable "uncertainty" in the market.

Already at the end of last week, Altman himself had warned of a possible "AI bubble." Investors are "excessively enthusiastic," and some will "lose a lot of money." Nevertheless, he emphasized that the technology would have immense societal benefits in the long term.

Losses continued in Asia: Japan's Nikkei 225 fell by 1.8 percent, South Korea's Kospi by 1.9 percent, and Hong Kong's Hang Seng by 0.6 percent. Meanwhile, cryptocurrencies also declined; Bitcoin lost 2.7 percent, affecting related stocks like Strategy and Metaplanet.

Defensive sectors like utilities, consumer goods, and real estate increased. Around 70 percent of S&P 500 stocks closed up – a signal that investors were reallocating capital from highly valued tech stocks to more stable industries.