Microsoft Corp. shares got caught up in a selloff Thursday that wiped out $357 billion in value, second-largest for a single session in stock market history. Most Read from BloombergThe only bigger one-day valuation destruction was Nvidia Corp.’s $593 billion rout last year after the launch of DeepSeek’s low-cost AI model. Microsoft’s move is larger than the market capitalizations of more than 90% of S&P 500 Index members, according to data compiled by Bloomberg. The chill was felt elsewhere as well, with peers including Alphabet Inc. and Nvidia each shedding more than $100 billion at one point on Thursday. The selloff comes amid heightened skepticism from investors that the hundreds of billions of dollars Big Tech is spending on AI will eventually pay off.