Tech's brutal slide: SanDisk down 66% as $4T vanishes from the S&P 500

Tech's biggest names are getting hammered, and the damage is deep enough to call it a bear market. SanDisk ($SNDK) leads the pain with a 66% drop, followed closely by Arm Holdings ($ARM) at 64% and Coinbase ($COIN) at 63%, according to a rundown published by @KobeissiLetter on X.

The list keeps going. Nebius ($NBIS) is down 62%, Seagate ($STX) 60%, Marvell Technology ($MRVL) 59%, ServiceNow ($NOW) 57% and Oracle ($ORCL) 56%. AppLovin ($APP) and Circle ($CRCL) both sit at 54%, while Super Micro Computer ($SMCI) has shed 51%.

Even the market's most valuable companies aren't immune. Nvidia ($NVDA) is off 25%, Meta ($META) and CrowdStrike ($CRWD) are each down 26%, and Palantir ($PLTR) and TSMC ($TSM) have both fallen 28%. Alphabet ($GOOGL) and Tesla ($TSLA) are each 32% lower, with Qualcomm ($QCOM), Broadcom ($AVGO), AMD ($AMD) and Robinhood ($HOOD) also deep in the red.

The broader damage shows up at the index level too. The S&P 500 has erased $4 trillion in market cap since October 6th, per the same post — a selloff that has stretched from chipmakers to software to crypto-adjacent names.

Micron ($MU), Dell ($DELL) and SpaceX ($SPCX) round out the steepest declines at 48%, 47% and 47%, respectively. The pattern is broad rather than isolated: hardware, cloud, semis and consumer tech all show up on the list.

What happens next hinges on whether the selling pressure eases or deepens. For now, a roster of names that drove the market higher is nursing losses of a size usually reserved for full-blown bear markets.