Markets are plunging worldwide after ‘Big Short’ investor Michael Burry reveals $1.1 billion bet against AI stocks
Nasdaq 100 futures were pointing downward, premarket, after the index lost 2% yesterday in a massive, global selloff of tech stocks. The selling continued this morning in Asia and Europe. The STOXX Europe 600 went down 0.46% in early trading before recovering. Japan’s Nikkei 225 was down 2.5%. And South Korea’s KOSPI was down 2.85%. Bitcoin dipped below $100K but then rallied a little to $101K.
Yesterday, the Nasdaq Composite was down 2.04%, Palantir lost nearly 8%, Reddit lost 8.4%, Nvidia was down 4%, and SoftBank lost 10% at one point.
The markets are highly vulnerable to a selloff in tech stocks. In October, tech stocks tracked by Bank of America contributed more than 90% of the S&P 500’s total return for the month,…
