Wall Street ends lower as AI spending concerns mount

STORY: A down day on Wall Street Tuesday saw the Dow edge lower, while the S&P 500 tumbled nearly one-and-a-half percent and the tech-heavy Nasdaq plummeted about 2.2%.Jitters over debt-funded AI spending led to sharp losses in semiconductor and other Big Tech tech stocks.:: Marvell Technology Shares of Nvidia dropped more than 4%, Intel shed over 6% and shares of Marvell Technology tumbled more than 9%.Memory chipmakers Micron Technology and SanDisk, among the best performers on the S&P 500 this year, both fell around 13%.Micron's earnings report on Wednesday will draw intense scrutiny, says Nancy Tengler, CEO and chief investment officer at Laffer Tengler Investments."So I think this is a hugely important report, much like Nvidia has been in other periods. [FLASH] We're gonna be watching their guidance on HBM4, which is the Vera Rubin platform Nvidia relationship that they have - is that continuing to grow quickly? And then margins. The company pulled, reported 81% margins. I mean, imagine that - eighty-one percent. And the market is determined that they stay above eighty [percent]. So, those are the two things we'll be paying attention to."Among other movers, Elon Musk's SpaceX, which debuted this month, continued its bumpy ride, briefly dipping below its opening price of $150 before paring losses to close about 1% higher. Investors on Tuesday were also watching developments in the Middle East. The Senate backed legislation to halt U.S. military action against Iran, but ‌it was unclear how this would affect the war as Washington continues to negotiate a peace agreement with Tehran.