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Generative AI is taking the world by storm. This groundbreaking technology is capable of creating new content, such as text, images, and even music, based on the patterns it learns from existing data.

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.

Nvidia has been a bellwether in the artificial intelligence (AI) space thanks to its graphics processing units (GPUs) that have played a crucial role in the training and deployment of AI models. But the stock has fallen out of favor of late as investors are worried about its slowing growth.

Companies like VERSES AI Inc. (CBOE: VERS) (OTCQX: VRSSF) are racing toward Artificial General Intelligence (AGI), where AI can perform all human cognitive skills better than the smartest human, as noted by Forbes.

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Micron Technology stock is down over 40% from its year-to-high peak as analysts turn bearish toward the memory market.