WQTM is trading 5.1% down today as information technology stocks slump for a second straight day amid concerns over heavy artificial intelligence spending and new competitive pressures on leading chipmakers.
- A pronounced rotation out of megacap tech into cyclical sectors is weighing on the ETF as investors reposition ahead of the Federal Reserve’s two-day meeting.
- Broader risk sentiment remains cautious despite some support from falling oil prices.
- The selloff is being driven by a combination of high valuation concerns in the AI space and shifting macroeconomic expectations.