The Nasdaq 100 fell 1.8% on July 28, crossing the 10% threshold from its recent peak and officially entering correction territory. Dell dropped 8% and Intel 6%, in a selloff that originated in Asia (South Korea, Japan, Taiwan) before hitting Wall Street. Bitcoin briefly fell below $64,000, triggering over $87 million in liquidations within hours. Two factors are fueling the panic: growing doubts about the actual return on investment from massive AI spending by tech giants, and China’s advances in advanced chips, challenging the advantage that US export sanctions had helped secure.
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