Shares in technology companies, especially those related to AI, have driven much of this year's stock market gains. AI chip giant Nvidia, which has been one of the main beneficiaries of the AI boom, saw its shares drop 6.8%. It has lost about 15% of its value in the last two weeks. The company is set to report financial results at the end of August. Shares in multi-billionaire Elon Musk's electric car maker Tesla dropped by more than 12% after its latest financial results disappointed investors.

Babylon Health, the UK-based startup that has developed a number of AI-based health services, including a chatbot used by the UK's National Health Service to help diagnose ailments, has confirmed a massive investment that it plans to use to expand its business to the US and Asia, and expand its R&D to diagnose more serious, chronic conditions. It has closed a $550 million round of funding, valuing Babylon Health at over $2 billion, it announced today. This is the largest-ever fundraise in Europe or US for digital health delivery, Babylon said. "Our mission at Babylon is to put accessible and affordable healthcare into the hands of everyone on earth," said Dr Ali Parsa, founder and CEO of Babylon, in a statement. "This investment will allow us to maximise the number of lives we touch across the world. We have a long way to go and a lot still to deliver. We are grateful to our investors, our partners and 1,500 brilliant Babylonians for allowing us to forge ahead with our mission. Chronic conditions are an increasing burden to affordability of healthcare across the globe. Our technology provides a solid base for a comprehensive solution and our scientists, engineers, and clinicians are excited to work on it. We have seen significant demand from partners across the US and Asia. While the burden of healthcare is global, the solutions have to be localised to meet the specific needs and culture of each country."