“Top tech stocks are in correction territory. Here’s why”
March 9, 2021
“London (CNN Business)Apple (AAPL) shares are down more than 18% from their January high. Amazon’s stock is off 12% from a recent peak in early February. And chipmaker Nvidia (NVDA) has seen its shares plunge 24% since the middle of last month.
What’s happening: Tech companies are getting hammered by the recent sell-off in markets. Many stocks in the sector have entered a correction, logging declines of at least 10% from their recent peaks. Nvidia, falling more than 20%, is in bear market territory…”
https://www.cnn.com/2021/03/08/investing/premarket-stocks-trading/index.html
This is only part of the reason and it’s not only related to tech. mega corporations were “essential” so they were allowed to remain open during the lockdowns. Less competition for them equates to more business for them. When competition comes back their profit drops. These are the cold hard facts. Basically they had a monopoly on the market.