World tech equities are underperforming other stocks by ~7 percentage points, one of the worst starts to a year in HISTORY.
Tech relative performance is now tracking in the bottom 10% of years since 1973.
Historically, the median outcome by year-end has been +4 percentage points of outperformance for tech.
The last time tech underperformed this badly was during the 2000 Dot-Com Bubble.
Is the tech bubble starting to pop?
Ehh I doubt it
Tech stocks struggling while Bitcoin holds is the narrative shift we've waited for. For years, BTC was treated as a tech stock proxy. Now it's decoupling. This isn't about one quarter - it's about Bitcoin graduating from 'risk-on asset' to 'monetary asset.'
Tech stocks correction was overdue. AI hype inflated valuations beyond fundamentals. This is healthy market recalibration, not collapse.