SPRX is trading 3.4% down in pre-market as the information technology sector faces pressure following TSMC’s massive capex hike and growing concerns over AI chip valuations.
- Risk-off sentiment is intensifying due to escalating U.S.-Iran tensions and hawkish commentary from Federal Reserve officials, fueling fears of sustained higher interest rates.
- Overnight weakness among global chipmakers is dragging down high-growth technology and AI-related names, significantly impacting the fund's technology-heavy portfolio.