Oil Soars, Stocks Slip Amid AI Doubts | Miami News
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Oil Soars, Stocks Slip Amid AI Doubts | Miami News
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Oil prices surged nearly 10% to $83.30 a barrel after Middle East attacks near the Strait of Hormuz disrupted shipping, prompting Trump to announce a tanker blockade and a 20% fee on cargo transit. While prices remain below past conflict highs, Wall Street took a hit as AI-driven chip stocks like Nvidia and Micron plunged, sparking fears of overvaluation and fading demand. Asian markets followed suit, with SK Hynix falling sharply. Investors now await major bank earnings this week—analysts expect strong growth, but whether it’s enough to justify current valuations remains uncertain.
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