The AI narrative has shifted dramatically within two weeks, with the Nasdaq 100 Index first shedding $600 billion, then recovering $3 trillion, and reaching a new all-time high.

The AI stock market has experienced extreme volatility over the past two weeks, swinging from panic selling to frenzied buying. The Nasdaq 100 Index first shed over $600 billion in market capitalization within two days, then recouped $3 trillion from its September 15 low, and hit its first all-time high since early June last Friday (September 25).

According to a Bloomberg report on September 27, the dramatic shift in market sentiment was initially triggered by concerns after Anthropic CEO Dario Amodei called for a slowdown in AI development, causing the Nasdaq 100 Index to fall 1.5% between September 14 and 15, with individual stocks like CoreWeave and Lam Research dropping over 9%. Subsequently, the viral success of Meta's personal assistant, Muse, ignited market euphoria, leading to a 11% surge in Meta's stock last Monday (September 22), a 17% single-day jump for Arm Holdings, and over 9% gains for Intel and AMD. Analysts point out that this is a narrative-driven market, and the narrative switches every other week.