[FLASH] AI-linked software sheds about $260B on Oct 16; IGV nears 5% drop and cyber names have worst week since 2020
Yahoo Finance's 45-stock software basket lost more than $260B in combined value on Oct 16. IGV was down nearly 5% and Palantir about 7%, near correction territory. Yahoo also reported CIBR down about 10% for the week, its worst week since March 2020, with Palo Alto Networks and CrowdStrike each down about 18%. The Motley Fool cited a Goldman Sachs note saying hedge funds sold AI stocks at the 'second-fastest pace in over a year.' The Nasdaq Composite fell 2.15%. 24/7 Wall St. linked the selling to doubts about how AI infrastructure spending will be financed and pointed to the gap between IGV and QQQ as the gauge to watch. ServiceNow reports Oct 28.