XLK is trading at $181.07 (-1.90%) as investors rotate out of growth names and into industrials and consumer sectors amid rising concerns over AI infrastructure costs.
- Stretched tech valuations and weakness in major holdings like Microsoft and Apple are weighing on the complex, alongside significant selling in semiconductor and memory stocks.
- The broader market is also under pressure, with the Nasdaq Composite down 0.76% and the S&P 500 down 0.51%, further reinforcing the move away from the technology sector.