Monday’s meltdown was a cold plunge on what had otherwise been a bull market for tech on the belief that AI would usher in a new golden age of worldwide productivity and sector-

Monday’s bloodbath in Nvidia and other AI stocks wiped out some $1 trillion from the stock market’s value.

Netflix shot up 14.6% after it reported adding nearly 19 million subscribers during the holiday-season quarter and it topped sales and profit targets. The video streaming service’s expansion into live programming appears to be paying off as it wrapped up its best year ever with more than $40 billion in revenue.

Who will drive the stock market as the Fed holds its first meeting of the year? This could be the worst day in nearly five years for the PHLX Semiconductor Index, led by major weakness in hot artificial-intelligence plays like Nvidia Corp.

Rebounding tech stocks drove U.S. indexes higher Tuesday, a day after they tumbled on doubts about whether the artificial-intelligence frenzy really needs all the dollars being poured into it. The S&P 500 climbed 0.