SPRX is trading down 2.57% at $45.33 as a broader tech selloff pressures growth-oriented stocks following disappointing earnings from mega-cap leaders.
- Alphabet and Tesla results raised concerns over heavy AI capital expenditure and pressured mega-cap valuations, causing the ETF to underperform the Nasdaq.
- Near-term risk-off sentiment is being driven by higher oil prices and tariff uncertainty, which are weighing on the information technology sector.
- Despite the current downturn, long-term AI demand remains supported by significant industry developments, including TSMC’s $100B expansion in Arizona.