Stocks dropped on Thursday as investors began to worry about the negative side of the artificial intelligence buildout, which threatens to disrupt the business models of whole industries and raise unemployment.

The Dow Jones Industrial Average shed 669.42 points, or 1.34%, to end at 49,451.98. The index was led lower by Cisco Systems, which slid 12% after the maker of networking hardware such as switches and routers issued disappointing guidance for the current quarter. The S&P 500 dropped 1.57% and closed at 6,832.76, while the Nasdaq Composite lost 2.03% and settled at 22,597.15.

Apple dropped 5% on Siri delays – SPI down 78 – COH and WBC results.

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