Federal Reserve Vice Chair Philip Jefferson on Friday said he feels the current surge in stocks related to artificial intelligence is unlikely to be a replay of the late 1990s dot-com stock boom that ended in a bust,

The swift expansion of expensive AI infrastructure and the high capital demands for generative AI, in comparison to earlier cloud technologies, have left

Palantir Technologies has been one of the most favored investments on the market in recent years. The stock has risen 160% in the past year as investors have rushed to buy its shares hand over fist to capitalize on the fast-growing demand for artificial intelligence (AI) software.

AI pioneer Nvidia was again the heaviest weight on the market. The chipmaker's drop of 3.2% brought its loss for the month to nearly 11%, putting it in "correction" territory, or when a stock falls at least 10% from its previous high. The company is scheduled to report is third-quarter financial results on Wednesday.

Asian semiconductor stocks tumbled on renewed fears of an artificial-intelligence bubble, tracking U.S. declines from Thursday. European chip shares fell too. Shares in [Samsung Electronics](

Crude’s decline came after Ukrainian President Volodymyr Zelenskiy agreed to work on a peace plan, raising the likelihood of Russian energy re-entering into global supply. However, the decline also came as US sanctions on two Russian oil giants took effect today.

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Japanese and South Korean tech stocks plummeted on Friday, with tech investor SoftBank plunging more than 10 percent as fears over an AI bubble weighed on the market. The selling followed a downbeat session on Wall Street after US jobs data clouded hopes of further interest rate cuts and fears about whether red-hot valuations for artificial intelligence shares are justified.

AI developers’ ambitious spending plans and rapid user adoption indicate the global rally in their stocks will persist despite bubble concerns, according to Fidelity International.

"Don't just sell because of the bubble," the legendary hedge fund manager said. Stocks soared on Thursday amid renewed confidence in the AI trade.