Jaque Silva | Nurphoto | Getty Images
Technology stocks popular with the retail investors tumbled Monday as investors took profits on their 2024 winners and dumped the more speculative names in an environment of rising interest rates.
Nvidia slumped nearly 3%. Palantir dropped nearly 4%, while quantum computing winner Rigetti Computing plunged 29%. Last year’s Nasdaq winner AppLovin also sold off about 3%.
Palantir, 1 day
The sell-off comes amid a rise in bond yields, with 10-year Treasury yield touching its highest since late 2023 on Monday. A strong jobs report Friday cast doubt over whether the Federal Reserve will continue cutting interest rates at all this year.
Monday’s moves also follow a losing week for many key tech and quantum computing names.
Other famed technology stocks also dropped Monday, with Tesla falling 3%. Semiconductor stocks Broadcom and Advanced Micro Devices slumped about 2%, while Micron Technology declined about 3%.
Quantum computing stocks that got a boost from last year’s positive Alphabet chip announcement also plunged, with D-Wave plunging more than 16%. IonQ shed 11%. The sector sold off last week after Nvidia CEO Jensen Huang suggested that useful quantum computers are decades away.
Rigetti Computing, 1 day
