CORRECTION (2026-07-12): An earlier version of this article included dek/body/key-point claims that SpaceX fell below a US$2tn market cap and lost US$600bn (a private company has no public market cap); dek replaced with the article's own real Nasdaq-100 datapoint. That material has been removed and adjacent wording lightly adjusted for readability; the substance of the article is otherwise unchanged. Corrected on 2026-07-12.
The Nasdaq 100 index is on pace to shed more than US$1 trillion in market capitalization on Tuesday, marking a sharp acceleration in the technology sector's downturn.
The broad-based selloff is dragging down chip stocks and mega-cap tech heavyweights alike.
This rapid erosion of wealth underscores the intensity of the current risk-off sentiment among growth investors.
The current session's weakness extends a sharp downturn that began in the previous session.