correction<\/a> back in March, before rebounding and reclaiming record highs in April, May and June, as shares of chipmakers soared and helped to boost the index.\n <\/p>\n\n But the Nasdaq has struggled in recent weeks as investors have taken profits after strong rallies and reassessed whether massive AI spending will deliver meaningful returns.\n <\/p>\n
\n An index tracking chipmakers is down more than 25% since its peak in late June. An ETF tracking the Magnificent Seven tech stocks \u2013 Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla \u2013 is down more than 10% since its peak in mid-May.\n <\/p>\n
\n The volatility has been more intense in Asia: The benchmark Kospi index in South Korea is down 38% from its last closing record high on June 22. Still, it\u2019s up 34% this year.\n <\/p>\n
\n \u201cThe focus will turn to the Fed\u2019s rate announcement and Chairman Warsh\u2019s press conference today, but the tech sector is still the most important issue on the docket for investors this summer,\u201d Matt Maley, chief market strategist at Miller Tabak + Co, said in a note.\n <\/p>\n
\n \u201cWe still believe that the decline in the chip stocks\u2026and the dramatic fall in South Korea\u2019s Kospi index\u2026are clear warning signs for US investors,\u201d Maley said.\n <\/p>\n
\n Meanwhile, the S&P 500 is down less than 4% since its last record high in June. The Dow is down about 2% since its last record high in early July.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Nerves about artificial intelligence are weighing on the Nasdaq Composite. The tech-heavy index has dropped about 9% since…\n","protected":false},"author":2,"featured_media":549860,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-549859","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/549859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=549859"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/549859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/549860"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=549859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=549859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=549859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}