AI and cybersecurity stocks lead Nasdaq's renewed slide

Tech stocks are under pressure once more, with CoreWeave again leading the decline.

The market's distrust of the neocloud space is still there, and some cybersecurity names and other AI winners have joined the slide.

CoreWeave is at the heart of the selloff, with its unsecured bonds yielding about 15%. The mood turned sour again in late trading the prior day after a Bloomberg story drew attention to $3.3 billion in stock sales by CoreWeave's founders since the IPO last year, $2.4 billion of it this year.

The stock has fallen more than 11% today, giving back nearly all of the previous session's sharp bounce.

The day's other notable losers:

• Nebius (NBIS) fell 11.1%, moving with CRWV even though it raises most of its funding through equity and convertible instruments.
• CrowdStrike (CRWD) dropped 7.8%. I can't identify a trigger for the slide in cybersecurity names, but positioning has been crowded.
• Super Micro (SMCI) lost 7.8%, still absorbing Barclays' downgrades of HPE and Dell tied to hardware revenue inflated by memory.
• Palo Alto Networks (PANW) dropped 7.6%, trading at $341.98; the same qualification applies as with CRWD.
• Datadog (DDOG) slid 8.1% to $248.98.
• DigitalOcean (DOCN) fell 12.2%, and the drop is coming fast.
• IREN (IREN) was 10.0% lower, at $27 compared with $50 on Sept 23.
• Palantir (PLTR) is off about 7.6% after starting the day higher, another momentum name losing steam.

Among the bigger names, the picture is much the same:

• AMD fell 4.8%.
• Micron (MU) lost 4.7%.
• GOOG slipped 2.0%.
• META lost 3.4% before its earnings report next week.
• TSLA declined 2.7% after a pre-market gain of as much as 5% reversed, with the demo looking like a toy rather than a business.
• Broadcom (AVGO) dropped 3.5%.
• MSFT was down 2.5%.

All told, the Nasdaq Composite is 1.9% lower, and oil is offering little support, sitting near its highs of the day with a gain of 2.7%. I suspect the market may be giving too little weight to the possibility of a rate hike at the end of the month. Incoming data continues to run hot, and this week's inflation readings were troubling.