A brief morning pop in technology stocks evaporated Tuesday, leaving chip names and leveraged ETFs deep in the red as sellers reasserted control and snuffed out any hope of a sustained recovery.



The intraday pattern was unmistakable — an early bounce, a rejection at resistance and a hard fade that accelerated into midday.



<ul>
<li>AMD stock is sinking. See the chart and price action here. </li>
</ul>



Some experts pointed to a rotation out of tech stocks as investors gather capital ahead of SpaceX's market debut on Friday. 



&#34;I think everybody's a little nervous ahead&#34; of the SpaceX IPO, Jay Hatfield, CEO of Infrastructure Capital Advisors, told CNBC.  &#34;I think we're going to be choppy until we get that behind us.&#34;



<div>




Read Also:

Tesla Stock Wobbles As Elon Musk Lines Up The SpaceX IPO




</div>


<h2>Chip Rally Fades </h2>



The Direxion Daily Semiconductor Bull 3X ETF (AMEX:SOXL) was the session’s most visible casualty, plunging $34.73 or 16.43% to $176.71 after tagging a session high of $231.01 at the open. The sheer range — nearly $55 from high to current price — captures exactly how quickly optimism collapsed. 



Advanced Micro Devices, Inc. (NASDAQ:AMD) followed, off 6.83% to $456.86, having briefly touched $505 before the bottom fell out, while Broadcom Inc. (NASDAQ:AVGO) fell 5% to $376.76. 



Nvidia Corp. (NASDAQ:NVDA) held up better but still couldn’t escape the pressure, slipping $5.82 or 2.79% to $202.82 after touching $211.40 earlier in the session, per Benzinga Pro data. 



The modest decline relative to peers suggests the AI bellwether still has underlying support, but 16.43% swings in SOXL don’t come on good days.



The leveraged ETF complex told the full story. ProShares UltraPro QQQ (NASDAQ:TQQQ) slid $6.04 or 7.92% to $70.23, having opened with a run toward $79.34. 



With the ProShares UltraPro Short QQQ (NASDAQ:SQQQ) surging $3.26 or 7.9% to $44.52 — already above its average daily volume — active short positioning is driving the selloff. 



<h2>Tech Stocks Fizzle </h2>



The weakness spread well beyond semis. 



<ul>
<li>Qualcomm Inc. (NASDAQ:QCOM) was among the hardest hit in large-cap tech, dropping $19.58 or 8.99% to $198.19. </li>



<li>ServiceNow Inc. (NYSE:NOW) shares dropped 8.65% to $104.30. </li>



<li>Micron Technology, Inc. (NASDAQ:MU) shed 6.78% to $884.92 — a brutal reversal from its intraday high of $989.15 that could signal waning confidence in the AI memory demand narrative.</li>



<li>Intel Corp. (NASDAQ:INTC) shed 6.37% to $103.25. </li>



<li>Apple Inc. (NASDAQ:AAPL) lost 3.57% to $290.77. </li>



<li>Tesla, Inc. (NASDAQ:TSLA) dropped $17.18 or 4.2% to $391.77. </li>



<li>Microsoft Corp. (NASDAQ:MSFT) gave back 2.31% to $402.21. </li>



<li>Alphabet Inc. (NASDAQ:GOOGL) slid 0.72% to $360.68 and Amazon.com, Inc. (NASDAQ:AMZN) dipped 0.8% to $243.26 — both holding up better than peers. </li>



<li>Meta Platforms, Inc. (NASDAQ:META) was the lone bright spot, edging up 0.20% to $586.55, though the gain is thin comfort in an otherwise broad-based retreat.</li>
</ul>



The session’s price action shows the relief rally had no follow-through. Until buyers can defend intraday lows and close near session highs, the path of least resistance for tech remains lower.



<div>




Read Also:

MANGOS Is The New Magnificent Seven — And Half Of It Hasn't Gone Public Yet




</div>


Image: Shutterstock

QCOM

TSLA

04335

Tech stocks suffered a sharp reversal on Tuesday as an initial relief rally collapsed, with chip-heavy SOXL ETF plummeting over 15% and AMD dropping nearly 7%. The selloff was driven by investor nervousness ahead of SpaceX's upcoming IPO, prompting capital rotation. Major tech giants including Qualcomm, ServiceNow, Micron, Intel, Apple, and Tesla also saw significant declines, indicating broad weakness across the sector despite some resilience from Nvidia and Meta.

- Technology stocks experienced a brief morning bounce but ultimately declined, with significant losses in semiconductor names and leveraged ETFs as sellers regained control.  
- Analysts attribute the downturn to a rotation out of tech stocks in anticipation of SpaceX's upcoming IPO, with notable declines in stocks like AMD and the Direxion Daily Semiconductor Bull ETF.  
- The overall session indicated a lack of sustained recovery, suggesting that without buyer support, the downtrend in tech stocks may continue.

benzinga_article

Qualcomm

Tesla

INTEL-T

Intel

Meta Platforms

ServiceNow

NVIDIA

Micron Tech

T-Rex 2X Long Tesla Daily Target ETF

Direxion Daily AMD Bear 1X Shares

Direxion Daily MU Bear 1X Shares

GraniteShares 2x Long META Daily ETF

AXS TSLA Bear Daily ETF

Direxion Daily Meta Bull 2x Shares

GraniteShares 2x Short NVDA Daily ETF

GraniteShares 2x Long QCOM Daily ETF

Direxion Daily QCOM Bull 2X Shares

AXS 1.5X NVDA Bear Daily ETF

XL2CSOPTSLA

Direxion Daily QCOM Bear 1X Shares

GraniteShares 2x Long AMD Daily ETF

Direxion Daily NVDA Bear 1X ETF

GraniteShares 2x Long MU Daily ETF

GraniteShares 2x Long NVDA Daily ETF

Direxion Daily META Bear 1X Shares

GraniteShares 2x Long NOW Daily ETF

T-Rex 2X Long NVIDIA Daily Target ETF

Direxion Daily TSLA Bear 1X Shares

Simplify Volt TSLA Revolution ETF

Roundhill META WeeklyPay ETF

Direxion Daily AMD Bull 2X Shares

T-Rex 2X Inverse NVIDIA Daily Target ETF

Direxion Daily TSLA Bull 2X Shares

Direxion Semicon Bull 3X

XL2CSOPNVDA

GraniteShares 2x Long TSLA Daily ETF

GraniteShares 2x Long INTC Daily ETF

YieldMax NVDA Option Income Strategy ETF

Leverage Shares 2X Long TSLA Daily ETF

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily NVDA Bull 2X Shares

T-Rex 2X Inverse Tesla Daily Target ETF

Direxion Daily MU Bull 2X Shares

XI2CSOPNVDA

Proshares Ultra TSLA

Leverage Shares 2x Cpd Acclrtd TSLAMnETF

TSLA WeeklyPay™ ETF

Yieldmax Tsla Option Income ETF

GraniteShares YieldBOOST TSLA ETF

xETFs TSLA Daily Income ETF

YieldMax Short TSLA Option Inc Strgy ETF

Yieldmax Meta Option Income Strategy ETF

Graniteshares YieldBOOST Meta ETF

ProShares Ultra NVDA

Leverage Shares 2X Long NVDA Daily ETF

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

NVDA WeeklyPay ETF - Roundhill

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

GraniteShares YieldBOOST MU ETF

VanEck Semiconductor ETF

iShares Semiconductor ETF

Invesco PHLX Semiconductor ETF

SPDR S&P Semicon

Invesco Semiconductors ETF

First Trust Nasdaq Food & Semicon

Broadcom

Proshares UltraPro QQQ

Proshares UltraPro Short QQQ ETF

Apple

Microsoft

Alphabet

Amazon

NVIDIA Corporation

Alphabet - C

Tech Stocks' Relief Rally Crumbles: SOXL Craters 15%, AMD Sheds 6% As Recovery Fizzles