STORY: U.S. stocks ended sharply lower on Thursday, with the Dow and S&P 500 each losing 1.2% and the tech-heavy Nasdaq shedding 1.6%.The tech selloff continued on investor concerns about heavy spending on artificial intelligence ... as well as rapidly improving AI tools that could eat into demand for traditional software.Amol Dhargalkar is managing partner and board chairman at Chatham Financial.“We're seeing a lot of selling happening really driven by the AI apocalypse, if you will. The market has turned from focus on what AI can do in a positive sense for all of these companies and now is really focused primarily on software companies and seeing what kind of negative impact it can have, particularly on enterprise software firms. So that's been driving a lot of the selling. We've seen it in not just equity markets, but bond and debt markets as well. And this seems to be playing out across the entire market at this point.”Amazon, down nearly 4.5% at the close, plunged another 10% in extended trading after the tech giant projected a jump of more than 50% in capital expenditures this year. The company also forecast first-quarter operating income below analysts' estimates.Shares of Alphabet also closed lower after the company said it plans as much as $185 billion in capex in 2026. Together, the Google parent and its Big Tech rivals are expected to collectively shell out more than $500 billion on AI this year.Adding to recent losses, Microsoft dropped 5%, Palantir lost more than 6.5% and Oracle fell 7%.And shares of Qualcomm slid 8.5% after forecasting second-quarter revenue and profit below estimates.Outside the tech world, shares of Estee Lauder plummeted 19% after the Clinique owner forecast annual results below estimates.