The S&P 500 ended down from record highs today, with losses in Dell, Nvidia and other AI-related stocks, while investors parsed inflation data showing tariffs have started feeding into prices.

Dell tumbled almost 9% and was among the deepest decliners in the S&P 500 after high manufacturing costs for AI-optimized servers and intensifying competition overshadowed the company’s bullish demand forecast for artificial intelligence infrastructure.

Nvidia dipped 3.4%, down for a third straight day. The AI heavyweight’s quarterly report on Wednesday fell short of investors’ high expectations but confirmed that spending related to artificial intelligence infrastructure remains strong.

“Today is just weakness in the top of the market, in tech,” said Zachary Hill, head of portfolio management at

See Full Page