New Delhi, July 29 -- whether the artificial intelligence spending boom is sustainable.

The divergence was stark. The Dow gained more than 500 points, or 1.1 percent, as money moved from high-multiple technology names into industrials, energy, and financials. On the other side of the ledger, Micron Technology fell 8 percent and Advanced Micro Devices declined by a similar margin. The VanEck Semiconductor ETF, which tracks the Philadelphia Semiconductor Index, dropped more than 3 percent for the fourth consecutive session, a losing streak that has erased roughly 12 percent of the fund's value since its July peak.

"The market is repricing the timeline on AI monetization," said Mark Luschini, chief investment strategist at Janney Montgomer...