Jun. 26 at 3:57 PM
A lot of people still think “tech is strong” because the index is holding up… but underneath the surface, a lot of leaders are already deep in drawdown territory.
From highs:
$COIN -69%
$ORCL -57%
$CRM -57%
$NFLX -48%
$ARM -27%
That’s not a minor pullback - that’s a full re-rating phase in parts of the tech complex.
What makes this cycle tricky is the split personality: index-level resilience while individual names quietly work through real bear market structures.
This is why blanket “tech bullish” takes don’t really capture what’s happening. It’s rotation + compression + selective destruction happening at the same time.
