NEW YORK (AP) — Computer chipmakers and other winners of the artificial-intelligence boom are swinging lower again on Thursday and dragging stock markets down worldwide. Oil prices, meanwhile, continue to climb because of the war with Iran.

The S&P 500 fell 0.4%, a day after it pulled back within 0.5% of its all-time high set last month. The Dow Jones Industrial Average was up 64 points, or 0.1% as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower.

AI winners like Micron Technology led the way lower, and the maker of computer memory fell 3.2%. It’s still up a stellar 206% for the year so far because of soaring demand for its products in the AI investment boom.

Sandisk fell 5.3%, but is still up 545% for the year so far. Western Digital sank 5.1% but is still up 182% for the year so far.

Such stocks have been under pressure for weeks because of worries that their prices simply shot too high and that the strong demand for computer memory and processors may not be sustainable if AI ends up not producing as much profit and productivity as promised.

The losses came even though Taiwan Semiconductor Manufacturing Co., a bellwether of the chip industry, reported a stronger profit for the latest quarter than analysts expected. Its stock in Taiwan rose 1.2%, but its stock that trades in the United States fell 1.6%.

In South Korea, drops for AI winners like Samsung Electronics and SK Hynix dragged the Kospi index down 6.4%. It’s been among the world’s shakiest in recent weeks because of how dominant the two AI winners are in it. The day before, it jumped 6.2%, but it’s also had drops of 8.9%, 7.8% and 5.3% in the last two weeks.

A hike to interest rates by the Bank of Korea also contributed the tumble. It was the first rate hike in Seoul since 2023 and was aimed at helping curb inflationary pressures due to the Iran war.

Worries are high that other central banks around the world will also have to raise interest rates to keep a lid on inflation because of jumping oil prices. Higher rates would keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments.

In the U.S. bond market, Treasury yields rose as oil prices continued to climb.

The price for a barrel of Brent crude rose 0.7% to $85.55 and is near a one-month high.

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AP Business Writers Chan Ho-him and Matt Ott contributed to this report.