NEW YORK – More drops for superstar artificial-intelligence stocks knocked Wall Street off its record heights on Friday.

The S&P 500 fell 1.1% from its all-time high for its worst day in three weeks. The weakness for tech stocks yanked the Nasdaq composite down by a market-leading 1.7%, and the Dow Jones Industrial Average gave back 245 points, or 0.5%, after setting its own record the day before.

Broadcom dragged the market lower and tumbled 11.4% even though the chip company reported a stronger profit for the latest quarter than analysts expected. Analysts called the performance solid, and CEO Hock Tan said strong 74% growth in AI semiconductor revenue helped lead the way.

But investors may have been concerned with some of Broadcom’s financial forecasts, including how much profit

See Full Page