In the early session of the US stock market, the Dow Jones Industrial Average fell more than 300 points, and the Nasdaq dropped 1%. AI stocks faced further selling

Continuing to pay attention to the overvaluation of AI stocks and the progress of the U.S. Supreme Court's hearing on Trump's tariff case, U.S. stocks weakened on Thursday. The Dow opened down 55 points or 0.1%, at 47,255 points, with early losses expanding to over 300 points or 0.7%. The S&P 500 index opened down 8 points or 0.1%, at 6,787 points; the Nasdaq opened down 38 points or 0.2%, at 23,461 points, also dropping 1% in the early session.

In the AI chip sector, Qualcomm (QCOM.US) reported a net loss of $3.12 billion in the fourth fiscal quarter, with revenue growth of 10%, exceeding expectations, and its stock price fell nearly 2%; Arm (ARM.US) saw revenue rise 34% in the second fiscal quarter, with guidance for the current quarter exceeding expectations, and its stock price rose over 1%. NVIDIA (NVDA.US) also fell nearly 1%, while AMD (AMD.US) dropped about 5%.

Tech stocks were soft, with Meta (META.US) and Microsoft (MSFT.US) both down over 1%, while Tesla (TSLA.US), Amazon (AMZN.US), and Apple (AAPL.US) all saw declines of less than 1%.

In terms of earnings, Snap (SNAP.US) reported revenue that exceeded expectations last quarter and reached a partnership with Perplexity AI, causing its stock price to surge about 16%. Delivery platform DoorDash (DASH.US) had disappointing earnings forecasts and expanded development spending, leading to a 16% drop in its stock price. e.l.f. Beauty (ELF.US) reported an 84% decline in earnings last quarter, resulting in a 32% drop in its stock price