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<h1>Tech Stocks Experience Downturn Amid Portfolio Adjustments</h1>
<p><cite>New York — </cite></p>
<p>Tech stocks faced a decline this week as enthusiasm for AI on Wall Street wavered, prompting investors to realign their portfolios following a robust summer rally.</p>
<p>On Wednesday, the Nasdaq Composite dropped by 0.67% after a 1.46% fall on Tuesday, signaling a potential halt to its streak of consecutive gains.</p>
<p>Similarly, the broader S&P 500 decreased by 0.24%, marking its fourth consecutive day of losses, while the Dow remained relatively unchanged.</p>
<p>For several months, tech stocks had seen consistent upward movement, boosting both the S&P 500 and Nasdaq to record heights. However, Wall Street is currently taking a breather as optimism regarding the AI sector encounters setbacks.</p>
<p>Leading AI stock Palantir experienced a decline of 1.1% on Wednesday, following a sharp 9.35% drop on Tuesday. Nvidia also edged down by 0.14% on Wednesday after a 3.5% dip the previous day.</p>
<p>Ulrike Hoffmann-Buchardi, head of global equities at UBS, noted that investors are pulling away from high-performing tech stocks due to concerns regarding the long-term viability of AI investments, stating, “Investors rotated out of high-momentum tech stocks.”</p>
<p>Market participants are adopting a cautious approach ahead of an important event on Friday, when Federal Reserve Chair Jerome Powell is expected to speak at the Jackson Hole Economic Symposium. His remarks may provide insights into potential rate cuts amid a crucial phase for the markets following months of hitting record levels.</p>
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