16 mins ago - Business
Nasdaq plummets toward correction territory
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Tech stocks plunged Thursday, in what could become their worst showing since the April 2025 tariff panic.
Zoom in: The Nasdaq Composite index was down over 5% in late morning trading, pushing it closer to correction territory — defined as a decline of at least 10% from a recent high.
Between the lines: AI-related shares led the sell-off with companies closely tied to the data center build-out posting double digit losses.
- So-called neoclouds — companies that build data centers in order to lease out their computing power to larger players like hyperscalers — were particularly hard hit.
- CoreWeave, TeraWulf, IREN and Hut 8 were all posting double digit losses shortly before 11 a.m. ET. Cipher Digital was down roughly 19%.
