AI, tech stocks bounce back after sharp selloff
QQQ•U.S. AI and technology stocks rose in premarket trading after Thursday’s selloff, when the Nasdaq 100 lost $2.5 trillion in market value, its steepest one-day decline since April 2025. CoreWeave gained almost 10%, while IREN surged 19% after reporting a first-quarter revenue beat.
1. Stocks recover
U.S. AI and technology stocks rebounded in premarket trading after Thursday’s market rout. CoreWeave rose almost 10% after falling to an over 18-month low, and peer Nebius advanced 11.3%. The Roundhill Neocloud ETF gained 10% after reaching a record low in the previous session.
2. Gains across sectors
Dell, Super Micro and Hewlett Packard rose between 6.1% and 8.6%. Data center operator IREN surged 19% after reporting a first-quarter revenue beat, while TeraWulf gained 8.5% after a third-quarter revenue beat. Core Scientific, Hut 8 and Cipher Digital advanced between 5.3% and 12.3%.
3. Market context
The Nasdaq 100 lost $2.5 trillion in market value on Thursday, its steepest one-day drop since April 2025. Dan Coatsworth of AJ Bell said the midterm election result could slow data center rollouts and prompt new ways to regulate the sector.
