More drops for superstar AI stocks knocked Wall Street off its record heights. The S&P 500 fell 1.1% Friday from its all-time high.

The valuations of some artificial intelligence companies are approaching those of the dot-com boom. But investors worry that pulling money from today’s market risks future gains.

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Rising depreciation expenses from the data center binge is a major worry. Alphabet, Microsoft and Meta combined for about $10 billion in depreciation costs in the final quarter of 2023. The figure rose to nearly $22 billion in the quarter that just ended in September. And it’s expected to be about $30 billion by this time next year.

Wall Street is edging lower at the start of a week full of economic reports that could drive where interest rates, and thus stock prices, go.

Wall Street ended lower as Nasdaq fell 1.69% to 23195.17, S&P 500 dropped 1.07%, and Dow Jones Industrial Average slipped 0.51%.

Oracle was one of the heaviest weights on the market after analysts said they were surprised by how much the tech giant plans to spend on AI infrastructure.

NEW YORK (AP) — Wall Street is drifting in mixed trading on Monday at the start of a week full of economic reports that could drive where interest rates, and thus stock prices, go.