Tech Selloff Hits Markets

Big Tech and AI stocks slid, dragging markets lower and stoking bubble worries.

How Major US Stock Indexes Fared June 23

Why tech stocks are getting hammered

Tech stocks tumble for a second day. Here's what's behind the selloff.

Summary

Balanced

A neutral summary of the key facts most outlets agree on, drawn from reporting across the political spectrum.

A sell-off in major technology shares spread from Asia to Wall Street, dragging the Nasdaq down 2.2% Tuesday and pulling the S&P 500 lower by about 1.4% while the Dow held up better because it is less exposed to tech. The declines hit AI-linked companies and chipmakers that had powered repeated market records, with investors reassessing rich valuations after a long rally. Worries about potentially higher interest rates later in the year added pressure, while geopolitical and economic risks compounded the retreat. The drop marked a second straight day of losses for the tech-heavy market and revived concerns that enthusiasm around artificial intelligence may have run ahead of profits.

The Coverage

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AI Bubble Fears

Investors are questioning whether the artificial-intelligence spending boom can justify the huge run-up in stocks such as Nvidia and Alphabet. The pullback reflects growing concern that companies pouring money into AI infrastructure and data centers may not deliver profits quickly enough to support elevated valuations.