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The latest stock market pullback has been led by technology plays, it’s pretty clear. The tech-heavy Nasdaq Composite
COMP closed Thursday down 3.8% from its record high registered last week, while the broader S&P 500 SPX has retreated 2.5% from its peak.
Why Big Tech has been struggling of late, however, is more open to debate. The most popular theory is that rich valuations can’t cope with burgeoning doubts about returns on AI-linked capital investment.
