Tech was the leader on the way up and will be a leader on the way down. Some names beaten up due to fundamentals (Tesla's high PE), others (Nvidia, Google) punished for being red-hot as investors lock in gains.

Must consider wider macro: atrocious January job numbers (lowest since GFC), shaky consumer confidence, domestic/international unrest. Vibes are off, people entering risk-off position, selling everything from metals to crypto.

It's a sector story. Rises in Oracle/Microsoft tied to hype around private companies like OpenAI. As hype fades (OpenAI-Nvidia deal uncertainty), circular economy of sales looks shaky.

I like Alphabet. They largely invented AI, will be huge winner long-term despite recent dip. Far ahead on self-driving cars and AI, know how to make money, have loads of cash. Bullish, will lean into more dips.

You have to be in it if it's going (data centers take years), but commitments come from companies like OpenAI without revenue. Big question: when will corporations pay for AI in major way? Revenue hasn't built up to promise.

Functionally a consulting business with high people costs, but valued like high-tech stock at incredibly high valuation vs revenue. Expensive despite government ties.

Fed is more problem than help to tech. People not thrilled with president's interventions, questions about new guy. Slow and steady better than dramatic rate cuts.