Tech stocks erase $1 trillion of wealth as oil surges to $110 for the first time since May - NBC News — SkimNews
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- Tech stocks erased $1 trillion in wealth as oil surged to $110 per barrel, the first time reaching that level since May
- Nasdaq slid more than 2% on Friday, posting its worst week since June, with CNBC and CNN both attributing the slide to an AI-sector sell-off combined with rising oil prices
Why it matters: A simultaneous shock — oil at $110 and renewed AI-sector anxiety — hit equity portfolios in a single session. The $1 trillion wipeout is the largest single-day wealth destruction cited in this coverage, and the Nasdaq's worst weekly performance since June shows the selling reached well beyond energy-exposed names into the tech complex.
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