AI infrastructure-related stocks fell on worries that corporate spending on AI may not rise fast enough to support current investment levels. Dell shares sank 11 percent and Hewlett Packard Enterprise, Oracle and Super Micro also declined. Barclays cut ratings on Dell, HPE and NetApp, citing recent share surges and a later timeline for corporate AI adoption. Apple, long viewed as behind in AI, closed with a $5 trillion market value, the second company after Nvidia to do so.

Nvidia graphics processing units have become a key resource for AI infrastructure, pushing companies to change how they procure computing capacity. Firms are expanding beyond reliance on large cloud providers such as AWS, Microsoft Azure and Google Cloud, using neocloud specialists, online marketplaces, direct equipment purchases and customer-supplied hardware models. Demand continues to outstrip supply, and providers and customers are multiplying even as prices rise and prepayments and long-term contracts add to procurement costs.