Wall Street Goes From Hope to Panic as Nasdaq 100 Nears a Correction
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Just two weeks ago, high-flying mega-tech stocks and their chipmaking cousins were powering the Nasdaq 100 Index to yet another record.
It was the 53rd all-time high for the tech-heavy benchmark since March 2023, when ChatGPT launched dreams of an artificial intelligence world. The ensuing rally added $13 trillion to the tech-heavy benchmark’s valuation. And investor appetite seemed bottomless: Same-day bullish options exploded in popularity, and triple leveraged ETFs flooded the market.