Watch Global Tech Selloff Deepens as US Midterms Trigger AI Fears - Bloomberg

A global technology selloff has deepened, with the headline attributing the move to US midterm election concerns feeding into fears about artificial intelligence. The transmission channel appears to be political risk premia combined with sector-specific sentiment: uncertainty over future US regulatory and policy direction is being priced into high-multiple AI-linked equities, compressing valuations through risk-off repositioning rather than through any change in earnings expectations. The Nasdaq 100 (NDX) is the most exposed index given its heavy weighting toward mega-cap technology names whose valuations are most sensitive to shifts in growth and discount-rate assumptions. Traders should watch the next US Consumer Price Index release and any commentary from policymakers or AI-sector regulators in the run-up to the midterms, as either could determine whether the drawdown in tech broadens or stabilizes.

The Nasdaq-100 (NDX) is the US large-cap tech benchmark. NDX is more sensitive to rate decisions than SPX because of longer-duration cash flows, and heavily concentrated in Tech/Comms names — mega-cap earnings season dominates price action.

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