The tech sector is facing significant headwinds today, with a broad sell-off impacting chip stocks and AI-linked companies. Concerns over the long-term sustainability of AI infrastructure spending and rising borrowing costs are rattling investor confidence .
Key movements:
- Marvell Technology (MRVL) slid 5.0% as optical communications and AI-linked semiconductor stocks faced coordinated risk-off pressure .
- Tesla (TSLA) fell 5.2% in premarket trading despite better-than-expected Q3 results, weighed down by lower average car sales prices and a battery supply crunch .
- Meta Platforms (META) reversed initial gains to trade down 2% following its earnings report .
- Nvidia (NVDA) declined 2.4% , though CEO Jensen Huang dismissed concerns of a 2029 memory glut, stating 'you can always use more' .
The NASDAQ fell 1.5%, reflecting a broader risk-off sentiment across U.S. equities .
Sellers are back in tech, while bear market grips Chinese stocks
CNBC.COMOct 22, 11:50 AM UTC
Why is Marvell Technology stock sliding today?
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Nvidia’s Jensen Huang says he sees no sign of a 2029 memory glut: ‘You can always use more’
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JPMorgan says tech stocks lead U.S. futures lower on risks
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