WS #16638
The Nasdaq 100 is on track for its largest daily decline since June 5th, dropping 3.6% and wiping out $1.3 trillion in market cap. The selloff is broad-based, affecting hardware, software, and storage sectors, with Seagate falling 8% and Reddit plummeting 30% on weak outlook. This marks the index's third technical correction of the year, reflecting deepening investor skepticism regarding the sustainability of current AI capex levels and tech valuations.
Tech Selloff and Nasdaq Correction
The Nasdaq 100 is on track for its largest daily decline since June 5th, dropping 3.6% and wiping out $1.3 trillion in market cap. The selloff is broad-based, affecting hardware, software, and storage sectors, with Seagate falling 8% and Reddit plummeting 30% on weak outlook. This marks the index's third technical correction of the year, reflecting deepening investor skepticism regarding the sustainability of current AI capex levels and tech valuations.