XLK is trading 2% down today as risk-off sentiment hits growth stocks and reports emerge that Beijing is blocking Nvidia H200 sales to China.
- Renewed concerns over high-multiple AI leaders are weighing on the sector, which is heavily concentrated in mega-cap AI and software names.
- Nasdaq futures are down approximately 1% as geopolitical setbacks and a softer macro tone pressure technology broadly.
- Despite prior U.S. clearance, the stall in China approvals for AI chips is creating a significant drag on sector sentiment.