Nvidia's strong earnings report offered only a brief reprieve for stocks on Thursday, as doubts about the return on relentless artificial intelligence investment and lofty valuations on Wall Street had global markets on edge.

Initial relief across world stocks from surprisingly strong results on Wednesday from AI darling Nvidia turned sour. Investors refocused on the risks that have pulled major U.S. equity indexes off the record highs hit late last month. The Nasdaq Composite and S&P 500 had their biggest intraday swings since the extreme volatility set off by President Donald Trump's "Liberation Day" tariff announcement in April. "This is a coordinated risk-off trade — tech stocks, crypto, etc on worries about valuations and leverage," said Mark Hackett, chief market strategist at Natio

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