SPRX is trading 1.6% down today as the information technology sector continues to digest last week’s sharp AI and semiconductor selloff.
- Investors remain cautious ahead of Micron’s earnings, which are seen as a key gauge for the health of the AI-chip spending cycle.
- The ETF’s heavy tech weighting leaves it exposed to volatility in high-valuation AI, chip, and cloud names amid concerns over stretched earnings expectations.
- Market sentiment remains pressured by reports of weakening enterprise IT budgets despite modest gains in major indices and firmer Nasdaq futures.