Benchmark indices ended lower on Wall Street overnight but not before a major reversal from the highs of the day. The Dow Jones, at one point during the session, was up nearly 650 points. However, the index ended with cuts of nearly 400 points. The S&P 500 and Nasdaq paint a similar picture.

A combination of concerns surrounding AI valuations, dwindling hopes of the US Federal Reserve cutting interest rates and a sell-off in the crypto markets, all contributed to the fall. However, a Wall Street veteran may have added to those uncertain sentiments.

Ray Dalio, founder of popular hedge fund Bridgewater Associates, mentioned at an event that the AI-related spending spree is indeed forming a bubble in the market, something that Nvidia CEO Jensen Huang vehemently denied during the company's e

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