August saw a decline in key technology stocks including Nvidia, Marvell Technology, and Super Micro Computer as investors questioned the extent of AI-driven growth. Despite Nvidia’s strong—but slowing—data center revenue and Marvell’s flat outlook, shares fell significantly. Market nervousness about AI’s sustainable returns tempered the broader tech rally, causing the Nasdaq 100 to close down for August even as the S&P 500 gained. Analysts warn of caution due to mixed earnings and emerging complexities in AI demand globally, particularly concerning regulatory and geopolitical factors.