Nasdaq Hits Two-Week Low as Palantir and AMD Lead Tech selloff

This article first appeared on GuruFocus.

The Nasdaq Composite Index slid 1.8% on Thursday, hitting a fresh two-week low as traders shifted away from high-growth tech names. The selloff spread across the Nasdaq-100, with most major components trading in negative territory.

Among the hardest hit, Advanced Micro Devices (NASDAQ:AMD) sank 6.6% as investors worried about slowing data center chip demand and rising competition in the AI hardware space. The drop erased part of AMD's recent rally that followed strong third-quarter guidance.

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Meanwhile, Palantir Technologies (NASDAQ:PLTR) lost 6.4%, giving back earlier gains sparked by optimism around its expanding AI and defense contracts. Investors appear to be locking in profits after the stock's sharp year-to-date climb, while broader market weakness adds extra pressure.

With sentiment turning risk-off, even AI-focused names that have driven much of 2025's market strength came under selling pressure. Traders now look ahead to upcoming inflation data and Fed commentary for clues on whether this pullback marks a brief pause or the start of a deeper correction.

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