AI stocks tumble as Nasdaq, S&P 500 fall and oil hits five-month high amid Iran war fears

Stocks linked to artificial intelligence (AI) fell sharply on Thursday, dragging stock markets across the world lower. At the same time, oil prices climbed to their highest level in five months as investors worried about the war involving Iran and its impact on global energy supplies.

The S&P 500 fell 1.4%, while the Nasdaq Composite dropped 2.2% as of 10:45 a.m. Eastern time on Thursday. The Dow Jones Industrial Average fell by a smaller 0.6%, or 295 points.