US stocks tumble on renewed concerns over massive AI spending, rising crude prices

US stock markets fell sharply on Thursday as renewed concerns over massive AI spending by technology giants unsettled investors. A surge in oil prices driven by the escalating Middle East conflict added to the risk-off mood. The Dow Jones dropped 463 points or 0.89 percent, the S&P 500 fell 1.08 percent, and the Nasdaq Composite declined 1.73 percent.