The Nasdaq fell 3.4% this week, bringing its three-week drop to 8.8%, marking its worst stretch of that length since 2022.Amazon, Intel, Microsoft and Nvidia have seen some of the steepest declines.
Since the end of 2022, the narrative has been mostly positive for tech, with the economy recovering and excitement building around the growth opportunities sparked by artificial intelligence. The Nasdaq surged 43% last year, and remains up 12% in 2024 after climbing to a record last month.But earnings season has been tough, with some companies pointing to weaker-than-expected growth and others raising concern that the AI infrastructure buildout may hit some snags.
"As the economy slows down, a business like Amazon, like Apple, they're going to slow down as well," Koren told CNBC's"Squawk Box Europe" on Friday."That's what you're seeing in the earnings."Amazon plummeted 8.8% on Friday, bringing its it's three-week slide to 14%.
Nvidia counts on spending from its top tech peers as they build out their AI infrastructure. Because of Nvidia's parabolic rally over the past few years, any sign of potential slippage can have an outsized impact on its stock. The company is scheduled to report results on Aug. 28.
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