WS #10536

The tech selloff narrative is ESCALATING, with semiconductor stocks under renewed pressure as chip stocks trade lower on headwinds from valuations, fewer post-earnings catalysts, and risk of prolonged elevated borrowing costs. The dollar touched its highest level since November on Fed rate hike expectations, pressuring gold and crypto (Bitcoin at $62K, Ethereum, XRP, Doge down >4%). Meta paused an AI training program that tracked employees after a data exposure incident, adding to tech sector reputational risk. Oracle's 21,000-job cut (13% of workforce) to offset AI transition costs was corroborated by multiple sources. SpaceX's IPO saw 850,000 orders on Robinhood, but its valuation is under pressure amid AI risks. Walmart signed its first long-term nuclear power contract, a bullish signal for nuclear energy. Alibaba sued the US Department of Defense over being branded a 'Chinese military company'. Russia's gasoline output is down 25% after Ukrainian refinery strikes, with Moscow considering banning diesel exports. The tech selloff is intensifying but SpaceX demand and Walmart's nuclear deal provide counter-signals.