Tech Earnings Season Sell-Off

"Much of the wealth held by tech tycoons in both the US and China is paper wealth rather than accessible liquid assets and is also highly volatile, analysts said. 'Stocks move in natural cycles, an inherent law of financial markets,' said Liu Shengjun, chief of the China Financial Reform Institute."

"The magnificent seven cohort has lost money this year, shedding 1.2% in sterling terms based on Bloomberg data. The 'magnificent seven' moniker has felt out of date for a while, given the decidedly mixed performance of some members of this once-illustrious group, and this group of seven big names is not powering the market as it once did."

"Gone are the days when investors went along cheerily with Big Tech's plans to spend enormous sums on AI projects. That fact was on display with the precipitous post-earnings declines in shares of Tesla and Alphabet on Thursday."

"European shares edged lower on Wednesday, dragged down by technology stocks as caution prevailed ahead of earnings from U.S. big techs."

"This somewhat unhealthy combination of record leverage ETFs, record margin usage, and record call option buying from retail investors. That was all concentrated in that momentum tech space, and we are just seeing that group moving on."

"Stock indexes are falling today as a sell-off in South Korean chipmakers weighed on technology stocks."

"Sandisk, KLA, Lam Research, Marvell Technology, Applied Materials, Seagate Technology and Western Digital each fell more than 15 per cent as investors accelerated their exit from some of the last quarter's highest flyers. A key semiconductor index shed more than 6 per cent."

"The Nasdaq and S&P 500 closed lower on Wednesday, dragged by tech stocks on nagging concerns about high-flying valuations"

"The Nasdaq and S&P 500 fell Wednesday afternoon as concerns about high-flying tech stock valuations persisted, erasing morning gains"

"The Nasdaq and S&P 500 closed lower on Wednesday as tech stocks continued to struggle with high valuations"