A slide in tech stocks intensified Wednesday, spreading from software into semiconductor shares and other companies linked to the infrastructure build-out for artificial intelligence. The Nasdaq composite posted consecutive 1% declines for the first time since April’s tariff chaos.

Tech stocks are trading lower as investors assess whether AI could upend current software leadership. Analysts say the market reaction is overblown.

Eli Lilly has outperformed the broader market over the past year, and analysts remain highly bullish about the stock’s prospects.

Stock market losses highlighted the expanding threat of AI-driven disruption for financial services and the sector’s white-collar professionals.

Major equities indexes mostly fell on a busy earnings Wednesday, with technology shares again pulling the Nasdaq and S&P 500 lower.