AI TECH SELL OFF

The week saw a sharp tech-led market sell-off, with the Nasdaq plunging over 3% and the S&P, Russell, and Dow also posting declines of 1–2%, as investors reassessed lofty tech valuations amid weakening consumer sentiment, a record government shutdown, and Nvidia CEO comments on China’s AI advancements—sending Nvidia, Palantir, and AMD down 7%, 11%, and 9%, respectively. Despite the downturn, both Palantir and AMD delivered strong earnings, beating revenue expectations and raising guidance, with Palantir reporting a 121% surge in commercial revenue and AMD posting record quarterly results. In other news, Tesla shareholders approved Elon Musk’s controversial $1 trillion pay package tied to aggressive market cap targets, even as Tesla stock fell 6%. While most sectors declined, energy rose 1.5%, and investors now look ahead to a busy earnings calendar featuring Cisco, Applied Materials, Disney, and others.

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