Wall Street slips after a morning rally evaporates as some of the market’s AI darlings drop [Video]

U.S. stocks slumped Wednesday after a morning rally evaporated, but the losses on Wall Street weren’t as bad as the manic moves that wracked markets worldwide over the last week.

The S&P 500 slipped 0.8% after an earlier jump of 1.7% petered out. The Dow Jones Industrial Average fell 234 points, or 0.6%, while the Nasdaq composite dropped 1%.

Stocks swung lower as Nvidia, one of Wall Street’s most influential companies, went from a morning gain of 4.4% and pushing strongly upward on the S&P 500 to a loss of 5.1% that made it the index’s heaviest weight. Nvidia and other Big Tech stocks have been struggling the last month on worries their prices shot too high amid Wall Street’s frenzy around artificial-intelligence technology.

A profit report from Super Micro Computer, whose stock more than quadrupled in less than three months to start the year, helped further mar excitement around AI. Even though its revenue soared 143% …