Tech Rout Sends S&P 500 Down 1%; Oracle, Broadcom Stoke AI Angst

A rotation out of technology stocks gained momentum Friday after disappointing earnings from Broadcom Inc. and anxiety about the completion dates for some of Oracle Corp.’s data centers renewed worries about the artificial-intelligence trade.

The Nasdaq 100 Index dropped 1.9% in New York, while the S&P 500 Index fell 1%. Broadcom slid 11%, weighing on artificial intelligence peers after its sales outlook for the AI market failed to meet investors’ expectations. Shares of Oracle shed 4.5% after Bloomberg reported that the company has pushed back timelines for some of the infrastructure it’s developing for OpenAI to 2028 from 2027.