Nasdaq 100 futures signal a $1.15 trillion market-cap loss as AI-linked stocks and SpaceX extend declines.
The Nasdaq 100 is poised to shed $1.15 trillion in market value after futures fell 2.5%, deepening a selloff in technology and chip stocks. SpaceX, which recently debuted in the U.S., saw its valuation drop below $2 trillion for the first time, erasing over $600 billion in three sessions.
Chipmakers, key beneficiaries of the AI rally, led losses with Intel down 6.8% and Micron Technology plunging 8%. Six of the “Magnificent Seven” mega-cap tech stocks also declined amid concerns over elevated AI spending. SpaceX shares traded at $149.1, just 9% above its IPO price of $135.
South Korean memory chipmakers mirrored the downturn, while futures indicated a 700-point drop for the Nasdaq 100 if losses hold. The index’s market-cap decline would mark one of its steepest pullbacks this year.