Nvidia plunges as tech shares rebound, oil slides
US stocks rallied on Monday, as a drop in oil prices tempered inflation fears and helped the S&P 500 rebound from its biggest weekly drop since April 2025, and tech shares jumped even as AI heavyweight Nvidia slumped with controversy swirling around CEO Jensen Huang. Last week, stocks slumped after a sweeping victory by Democrats in the US midterm elections fed concerns that new regulations could dent the durability of the AI trade. Markets were in rally mode even as Nvidia, the second-most valuable company in the world, tumbled over 4 percent and closed at its lowest level since April 7. Investors questioned CEO Huang's future at the AI chipmaker after an internal investigation was launched into whether a foreign intelligence effort had targeted him. China has dismissed the spying allegation as a baseless smear. "The AI story is not going away if people are worried about that, the Democrats are not going to destroy AI. They can't. It's got a life of its own. They can put regulation around it, but they're certainly not stopping it," said Ken Polcari, partner and chief market strategist at SlateStone Wealth in Jupiter, Florida. Providing further support was a sharp drop in crude oil prices that helped dampen...
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