US stocks slip as Nvidia selloff weighs despite broad gains

US stocks drifted lower on Thursday as a selloff in Nvidia weighed on the broader market, even as most shares posted gains.The S&P 500 fell 0.6 per cent, extending the week’s volatility driven by optimism and unease surrounding the artificial intelligence boom. The Dow Jones Industrial Average rose 77 points, or 0.2 per cent, while the Nasdaq Composite dropped 1.3 per cent as of 11:15 a.m. Eastern time.Nvidia slid 4.1 per cent despite reporting another quarter of profit growth that surpassed Wall Street expectations. The chipmaker also issued a revenue forecast above analysts’ estimates.However, Nvidia’s results failed to impress investors accustomed to its repeated outperformance. Concerns are growing that customers may eventually curb spending on AI infrastructure amid doubts about the pace of returns from those investments.“Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth,” said Nvidia CEO Jensen Huang.Given Nvidia’s position as the largest company in the US market by value, its decline exerted an outsized impact on the S&P 500. The stock alone accounted for more than half the index’s losses, despite the majority of constituent shares trading higher.Salesforce was among the notable gainers, rising 3.6 per cent after reporting better-than-expected quarterly profit. The stock rebounded following months of pressure linked to fears that AI-powered competitors could disrupt its business. Salesforce shares remain down roughly 25 per cent for the year.The company also announced plans to return up to $50 billion to shareholders through stock buybacks and increased its dividend.“Agentic AI is a tailwind for our business,” said CEO Marc Benioff.Investor concerns about AI disruption have triggered sharp swings across sectors this year, particularly in software stocks. A widely tracked ETF focused on the sector rose 2.1 per cent on Thursday but remains down 21.9 per cent year-to-date.Shares of Warner Bros. Discovery edged down 0.1 per cent after the company reported a fourth-quarter loss. Market attention remains focused on potential acquisition developments involving Netflix and Paramount Skydance.Oil prices fluctuated as the United States and Iran continued indirect negotiations over Tehran’s nuclear programme. Benchmark US crude briefly fell before reversing course to trade at $66.38 per barrel, up 1.5 per cent, while Brent crude rose 2.2 per cent to $72.24 per barrel.European markets posted modest gains following a mixed session in Asia. South Korea’s Kospi jumped 3.7 per cent to a record high, while Hong Kong’s Hang Seng declined 1.4 per cent.In the bond market, US Treasury yields edged lower. The yield on the 10-year Treasury slipped to 4.02 per cent. Fresh data showed a slight increase in weekly US jobless claims, though filings remain relatively low by historical standards.