AI stocks tumble and drag down markets worldwide as oil prices climb

NEW YORK (AP) — Sharp drops for stocks in the artificial-intelligence industry are dragging down markets worldwide on Thursday, while oil prices hit their highest levels since May because of worries about the war with Iran.The S&P 500 sank 0.8% following even sharper losses in Asia, whose markets are full of AI and other technology stocks. The Dow Jones Industrial Average was down 142 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.3% lower.AI stocks have been shaky on worries that their boom may be under threat because of how expensive it’s become to borrow money to build data centers and buy more AI chips. Concerns also remain high that prices simply shot too high for AI-related stocks in their yearslong frenzy, even though companies in the industry continue to report growth.Lam Research, whose equipment and services help make semiconductors, reported gains in both profit and revenue for the summer that were slightly stronger than analysts expected, for