Nasdaq tumbles 2%, heads for worst week since June as investors rotate out of AI trade and oil rises: Live updates

BREAKING: Nasdaq tumbles 2%, heading for its worst week since June as investors rotate out of AI trades and oil prices climb.

The Nasdaq is down 2 percent and closing out its worst week since June.

Here's the picture. Tech is down more than 4 percent on the week, chipmakers like Micron and AMD have been bleeding for days, and CoreWeave dropped another 10 percent today. That one's now off more than 23 percent this week, carrying over 51 billion dollars in debt. The AI trade isn't dead, but it's definitely getting a stress test.

Meanwhile oil went the other way. Crude pushed past 100 dollars a barrel on US and Iran tensions, which is great for Chevron and terrible for inflation. Wholesale prices just posted their biggest jump since 2022, and Fed Chair Kevin Warsh said nothing in Bangkok, which traders read as rates staying put this month.

So the money rotated. Out of chips, into barrels. And the hardest fact of the week is this one, triple digit oil and a Fed that can't cut. That squeeze doesn't resolve itself quietly.

This is Sara White, reporting for HIT.