Tech Stock Sell-off Worsens; Nasdaq 100 Loses Over $1 Trillion, SpaceX Hits New Lows

The technology sector experienced a significant downturn on June 23, 2026, as the Nasdaq 100 index lost over $1 trillion in market value amid a widespread sell-off. The decline was particularly sharp for major tech giants and semiconductor stocks, reflecting growing investor caution.

SpaceX, Elon Musk's space exploration company, also saw its valuation plummet, falling below the $2 trillion mark. In the preceding three trading days, SpaceX's market value had already decreased by more than $600 billion. The company's stock opened down 3.53% at $149.14, trading below its initial IPO price of $150 and only slightly above its IPO offering price of $135.9%. If the downward trend continues, its market value could drop to $1.95 trillion.

The Nasdaq 100 index itself opened down 3%, a drop of over 900 points. Analysts estimated that a 2.79% decline in the index would result in a total market value evaporation of $1.15 trillion.

Semiconductor manufacturers, which had been major beneficiaries of the artificial intelligence (AI) boom earlier in the year, were hit hard. Intel shares plunged 9.49%, AMD fell 6.36%, Micron dropped 11.74%, and SanDisk saw a decline of 9%. This broad-based sell-off signals a potential shift in market sentiment towards the tech industry.