It’s been a brutal month for stocks, with tech stocks leading markets lower, just as they led the rally in 2023 and 2024.
And though the recent sell-off action has focused much attention on the so-called “Magnificent Seven” juggernauts, just one rung below these names is a crop of tech highfliers that have also experienced steep losses in recent weeks.
Netflix (NFLX), AMD (AMD), Micron (MU), Dell (DELL), and Palantir (PLTR), among others, are some of the names that have been washed out in the midst of this latest market rout.
And though some of these stocks caught a bid on Wednesday amid a tech rebound, some on Wall Street are warning recent volatility has contained an even more sinister picture underneath the stock market’s surface.
Recent price action has “really felt unwindy,” Mizuho analyst Jordan Klein wrote in a note to clients on Friday. “Not like total panic or capitulation, but getting pretty close.”
Netflix stock has fallen about 15% from the 52-week highs it reached just one month ago, when the stock was trading above $1,000 a share.
Klein called out “past retail and momentum thematic favorites” in the tech, media, and telecom space, including names like AppLovin (APP), Affirm (AFRM), Oklo (OKLO), and Reddit (RDDT). All have seen shares fall between 30% and 50% over the past month.
Chipmakers like AMD and Micron, along with Super Micro (SMCI), Intel (INTC), and ON Semiconductor (ON) are all down at least 40% from their respective 52-week highs, according to data compiled by Yahoo Finance.
Shares of Palantir, a previous momentum play on Wall Street, have plunged 30% from the closing record it reached on Feb. 19. Dell stock has also tumbled roughly 50% from its own 52-week peak.
Of course, some of these names have also battled fundamental issues.
Palantir often trades like a meme stock, and shares sold off last month over fears the US government will dramatically cut defense spending. Netflix’s heavy content spend and possible engagement headwinds have been called out by analysts concerned over its valuation.
And chip stocks have faced increased competition at home and abroad, with February’s DeepSeek sell-off highlighting concerns over the health and longevity of the artificial intelligence trade at large.
The Mag 7 players that drove two-year bull market gains — Nvidia (NVDA), Tesla (TSLA), Alphabet (GOOG, GOOGL), Amazon (AMZN), Meta (META), Apple (AAPL), and Microsoft (MSFT) — are all down between 16% and 25% from their 52-week highs, with Apple and Nvidia sitting on the narrowest and largest losses among the group. The exception, of course, is Tesla, which is down just less than 50% from a record close in December.
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