Shares of technology companies fell sharply as Nvidia continued to cool off after a record-breaking opening to the year.

Amid a wave of speculation on the prospects of artificial intelligence, Nvidia more than tripled in value to become the world's largest company by market capitalization. Shares have fallen by more than 12% since their peak. One strategist said the firm still sports enviable returns.

"Month-to-date, they're still up about 8%, and about 140% year-to-date," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "Any number of other companies would happily trade with that performance." Nvidia represents more than just an individual tech company, but has become a barometer on how investors feel about the AI revolution in general, said Joyce.

The European Union has charged Apple with failing to comply with a new digital-competition law, citing anticompetitive practices in its App store.

Write to Rob Curran at

(END) Dow Jones Newswires

06-24-24 1742ET