Plenty of AI stocks trade down from their recent peaks, and the Nasdaq Composite, the tech-heavy index, hit an intraday peak on July 11. The index is down 5.5% from that peak after a recent recovery. Similarly, the VanEck Semiconductor ETF, which is led by the chip stocks that are key in the AI rally, is down 18% from its peak on the same day.

AI development is accelerating — with some scientists suggesting machines will be more intelligent than the smartest humans within the next few years.

One of the more tightly specialized artificial intelligence (AI) stocks on the market had quite a memorable Wednesday. On news that it is bulking up with an acquisition, investors piled into Powerfleet ( AIOT 7.