Nasdaq clobbered, Nvidia sinks 17% while Dow stages comeback as AI fears shake markets

The Nasdaq tanked on Monday as a Chinese startup rattled faith in US leadership and profitability in AI, taking a hammer to Nvidia (NVDA), wiping out a record $589 billion in market value. The Nasdaq Composite (^IXIC) sank more than 3%, while the S&P 500 (^GSPC) dropped nearly 1.5%. The blue-chip Dow Jones Industrial Average (^DJI), which is less dependent on tech stocks gained more than 0.6%, as investors flocked to more defensive sectors. Shares of Apple (AAPL), Meta (META), and software giant Salesforce (CRM) also bucked the tech rout. The Nasdaq and S&P 500 were rattled by claims by…