Global tech stocks took a hit on Tuesday as investors grew concerned about higher interest rates and stretched valuations. The Nasdaq composite dropped 2.2%, with memory stocks like Sandisk and Micron falling over 13%. Investors are worried that the billions of dollars invested in artificial intelligence won’t translate to expected profits, leading to a selloff in the market.
Source: https://www.wsj.com/finance/stocks/the-stratospheric-rally-has-left-tech-stocks-vulnerable-to-sharp-reversals-14ef722d