The NASDAQ down almost 3% today, down more than 10% from its all-time highs, with

Invidia, Amazon and Apple leading the mega caps lower today.

De Adjibosa is focusing on text role in the sell-off in today's Tech check, K. D.

It's a big role, Melissa. Nearly a trillion dollars wiped off the NASDAQ.

In the first hour and a half of trade today, almost two trillion dollars over the last week.

Here's a chart that sums up how closely correlated the yen and the NASDAQ have become

over the last few years.

Investors, they borrow money in Japan where interest rates are low and then they buy tech mega caps in

particular for higher returns expected even higher thanks to generative AI except

of course here's the rub those higher returns taking longer than expected and the interest rate dynamic may be changing.

So the tech unwind is being hit hard.

NVIDIA that's Jenny I's biggest winner.

It's the lager today leading the mag seven lower.

The other's not that far behind.

And performance over the last month,

that's even uglier, suggesting that this isn't just the Yancari

trade, it's fundamental as well.

The latest mega cap earnings raised a ton of questions over returns

and monetization and Gen AI. CEOs are saying the more K-Bex the better while investors

are increasingly focused and worried about the impact on earnings.

On top of that, pockets of revenue weakness and typically strong businesses like Microsoft's

Azure and Google's YouTube.

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