Traders are fleeing stocks feared to be under threat from Artificial Intelligence

Artificial intelligence’s imprint on US financial markets is unmistakable. Nvidia Corp. is the most valuable company in the world at nearly $4.5 trillion. Startups from OpenAI to Anthropic have raised tens of billions of dollars.

But there’s a downside to the new technology that investors are increasingly taking note of: It threatens to upend industries much like the internet did before it.