NASDAQ 100 plunges 6%, erasing $2.3T in market value

The Nasdaq 100 index experienced a significant drop of 6.4%, erasing $2.3 trillion in market value, according to reports. This decline follows the index’s recent move into correction territory, having fallen over 10% from its previous record high. The downturn was notably concentrated in AI and semiconductor stocks, with related indices also showing sharp declines. This market movement reflects a broader risk-off sentiment affecting technology-linked assets, including cryptocurrency-related firms, which saw substantial declines in their stock prices.