The S&P 500 and Nasdaq composite fell every trading day this week, marking the first full‑week decline since April 2024. Together, the indexes lost nearly 2% and 4.6%, snapping a record rally that had lifted tech shares into record highs.

Investor anxiety has sharpened around artificial‑intelligence firms, which face doubts that their hefty investments will translate into profits. Rising borrowing costs, spurred by the Federal Reserve’s recent inflation warnings, add pressure on growth stocks.

Micron’s bright outlook and gains from chip makers across the globe could not halt the slide, especially after Apple and Microsoft raised prices for MacBooks and Xbox consoles. Even strong earnings from Micron failed to lift the broader market.

The week’s losses underscore that a persistent rate‑upward bias and AI skepticism are now weighing heavily on equity valuations, forcing investors to reassess the high‑growth narrative that drove the recent rally.