Technology stocks are dragging down the market Friday as Wall Street closes out a holiday-shortened week. The S&P 500 fell 1.3%, with more than 90% of stocks in the benchmark index losing ground. The benchmark index was managing to hold onto a modest gain for the week.

Meta is undoubtedly a great pick, but Nvidia still has a lot of room to run. It also happens to be a favorite of many of Wall Street's billionaires, appearing at the top of several funds. Both of these stocks will likely continue to lead the AI industry and outperform the broader market.

The Dow was more than 500 points lower by midday, the S&P 500 lost 1.6% and the Nasdaq Composite was down by 2.2% after a selloff in Big Tech stocks. Trading volume was thin due to the shortened holiday week,