Tech rally cools as SpaceX IPO jitters rattle the Nasdaq
TL;DR Summary
Nasdaq slips about 1% in volatile trading as AI-linked stocks and chipmakers pull back ahead of SpaceX’s IPO, with intraday losses up to 3.7%. Dell fell 4.8% and the Philadelphia Semiconductor index dropped around 1.9% even as the S&P 500 dipped modestly, highlighting a rotation into defensives as volatility rises and investors digest big AI spending and looming mega-IPOs from Alphabet, Meta, OpenAI and Anthropic, plus SpaceX’s potential listing.
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