Review

More than $2 trillion in market value is set to be wiped from the tech-heavy Nasdaq 100 this month, as Big Tech earnings intensified investor scrutiny of whether the billions being poured into artificial intelligence can generate returns quickly enough. The wipeout would amount to slightly more than SpaceX’s entire market value.

—Johann M Cherian and Shashwat Chauhan, “Nasdaq Faces $2 Trillion Wipeout in October as AI Spending Fears Deepen,” Reuters, October 30, 2026.

The markets are in the red, with the tech-heavy NASDAQ leading the selloff, having dropped about 8% from its October 6 all-time high (ATH). As noted at the time in this column, “The bearish intermarket divergence with the Dow continues to grow and is now…