After the Nasdaq recorded its second-largest single-day drop since the 'tariff panic' in April, it opened lower today, falling below 21,000 points intraday, with the tech sector, represented by AI, seeing sell-offs for two consecutive days.

The market generally believes the core reason for this round of correction is doubts about the commercial returns of AI and concerns over potential bubbles. The Financial Times reported that some traders attributed the decline to a report released by an MIT research institute on Monday. The report pointed out that up to 95% of companies have seen no return on their generative AI investments, with only about 5% of AI pilot projects achieving millions in value. It was the AI technology boom that had driven the continuous rise of U.S. stock market over the past few months.

Goldman Sachs had warned that U.S. stocks were entering a 'dangerous August.' Its strategist Scott Rubner emphasized in a report in early August that from late July to mid-September is a period of highly challenging market returns. Data shows that over the past thirty years, the S&P 500's average returns in August and September have been the lowest among all months. This seasonal weakness is colloquially referred to by market participants as the 'August curse' or 'September effect.' Historical patterns are creating headwinds, and any potential negative catalysts could be amplified during this fragile period, triggering a market correction.

OpenAI CEO Sam Altman also warned that the AI sector might be brewing a bubble and reminded investors that they 'could lose a lot of money.' This statement further weakened the support logic for high-valuation AI concept stocks.

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