🔴 Tech ETF (EUV) is trading 2.5% down today as stretched valuations prompt profit-taking in chip stocks

Tech ETF (EUV) is trading 2.5% down today as investors reassess richly valued semiconductor and AI-related names after an extended rally.

• Bank of America flagged overbought technicals and crowded positioning in the sector, prompting a wave of profit-taking.
• The decline is driven by sector-specific cooling in high-beta chip and AI hardware plays rather than broader market risk-off sentiment.
• Major U.S. indices remain roughly flat to slightly positive, underscoring the isolated nature of the semiconductor pullback.