Tech stocks torch $1.3 trillion in 30 minutes as Nasdaq 100 skids 4%

Tech stocks got gutted in the first half hour of trading. According to @KobeissiLetter, US technology names erased $1.3 trillion in market capitalization in just 30 minutes, with dozens of individual stocks dropping 10% or more. The bleeding was fast enough that the outlet called it a collapse at the open.

The casualty list reads like a who's who of the sector, and the memory-chip crowd took the worst of it. SanDisk led the carnage, down 15%, with Western Digital close behind at 13%. Nebius, AMD and Seagate each slid 12%, while Qualcomm, Micron, Dell, Arm, Marvell and CrowdStrike all sat at 10% lower.

The pain ran deeper into the big names too. Intel fell 9%, CoreWeave and Palantir each shed 8%, and TSMC and SpaceX were down 7% apiece, per the outlet's tally. Even the market's heaviest hitters weren't spared: Nvidia, Broadcom and Oracle each dropped 5%. Tesla was on the 10% list.

At the index level, the Nasdaq 100 dropped 4% on the day. The scale of the selloff — over a trillion dollars in value gone in minutes — makes it one of the sharpest opening routs the tech sector has seen.

The outlet warned a packed session lies ahead and said it would keep posting live updates as the situation unfolds.