Fresh Concerns About AI Spending Are Rattling Wall Street

The potential delay of hundreds of billions of dollars in promised spending on artificial intelligence is dealing a new blow to the stock-market rally.

Investors had piled into shares of banks, industrial firms and materials producers earlier this week, with bets that lower interest rates will reheat a sluggish economy sending the Dow Jones Industrial Average and S&P 500 to new highs. On Friday, that fell apart.