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BY Associated Press

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Drops for stocks in the artificial-intelligence industry are dragging markets down worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran.

The S&P 500 sank 1.3% following even sharper losses in Asia, whose markets are full of AI and other technology stocks. The Nasdaq composite was down 2.4%, as of 12:56 p.m. ET, but stocks outside of tech did better, and the Dow Jones Industrial Average was down a more modest 40 points, or 0.1%.

AI-related stocks have been shaky on worries that their boom may be under threat because of how expensive it’s become to borrow money to build data centers and buy more AI chips.…