Companies like Advanced Micro Devices AMD, Nvidia NVDA and Micron MU witnessed significant selloffs, sending ripples across the entire index. July's consumer price index (CPI) report showed a year-over-year increase of 3.2%, which was slightly below the Dow Jones consensus estimate of 3.3%. Uber CEO Khosrowshahi explained it nicely saying, “the large language models [that ChatGPT is famous for] are more focused on text and pictures, et cetera...So they're not as extensible at this point into problems like pricing, matching, routing."