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Is this the start of a tech sell off?
June 23, 2026
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For months, investors have been told the same story.
Artificial Intelligence is changing the world.
Technology stocks can only go higher.
The future belongs to AI.
Buy. Hold. Celebrate.
And to be fair, that story has worked remarkably well.
The Nasdaq has surged.
Technology stocks have led the charge.
Valuations have become increasingly stretched.
And last week's blockbuster SpaceX listing felt like the ultimate confirmation that the party would continue.
Investors piled in.
Commentators celebrated.
Social media was flooded with screenshots of gains and predictions of what might come next.
But then something interesting happened.
The mood started to change.
As I write this, futures markets are pointing to the S&P 500 opening around 2% lower and the Nasdaq closer to 3% lower.
That isn't a market in panic.
But it is a market asking questions.
And questions are dangerous when valuations are already stretched.
Perhaps the biggest warning sign came from the company everyone was talking about only days ago.
SpaceX.
The hottest listing in the world.
The company that everybody wanted a piece of.
The company that represented everything investors currently love.
Innovation.
Artificial intelligence.
The future.
And yet yesterday, SpaceX fell 16.4%.
Over $400 billion of market value disappeared.
Imagine buying at the highs last week.
Imagine believing that the only direction was up.
The reality is that markets have a habit of punishing investors who become too comfortable.
Not because SpaceX is a bad company.
Far from it.
But because even great companies can become expensive.
And expensive assets eventually need extraordinary growth to justify extraordinary valuations.
What makes this period particularly interesting is where the money has been flowing.
Gold.
Down sharply from its highs.
Bitcoin.
One of the worst-performing major assets this year.
Defensive assets have been abandoned.
Meanwhile, capital has flooded into technology and AI.
In other words, investors have become increasingly confident.
History teaches us that extreme confidence is rarely a long-term buy signal.
It is often the opposite.
Markets climb walls of worry.
They struggle when everybody agrees.
And right now, there is a growing sense that everybody agrees.
AI wins.
Tech wins.
Everything else loses.
That sort of consensus should make investors nervous.
Maybe.
It would not be unusual.
Markets have rallied hard.
Many technology names have generated exceptional returns.
A pullback after such a strong run would be perfectly normal.
In fact, it would probably be healthy.
But there is another possibility.
What if this is the beginning of something bigger?
What if investors are starting to question whether the AI story has moved ahead of reality?
What if valuations have simply become too ambitious?
What if the peace narrative, which helped support markets recently, starts to unravel?
Nobody knows.
And anybody who tells you they do is probably lying.
This is the question we receive most often.
Should you sell?
Should you buy more?
Should you sit on your hands?
The honest answer is that it depends on what happens next.
What I can tell you is this:
Historically, some of the best investment opportunities emerge when uncertainty begins to rise.
Not when markets are making new highs.
Not when everybody is bullish.
Not when social media is celebrating another record valuation.
When people become nervous.
When headlines become negative.
When investors start asking difficult questions.
That is often where opportunity lives.
At TPP, we don't buy into the idea that investing is simply a case of buying and hoping.
Nor do we believe every market wobble means investors should run for the hills.
Instead, we assess opportunities as they develop.
If markets continue falling, we will look for attractive entry points.
If opportunities emerge, we will add exposure.
If risks increase, we will manage them accordingly.
This is precisely why we built TPP.
Not to blindly follow markets.
Not to make excuses.
Not to hide behind benchmark comparisons.
To actively look for opportunities and position our investors accordingly.
Maybe this is nothing more than profit taking.
Maybe it's the start of a much larger correction.
Maybe AI and technology continue their relentless march higher.
Or maybe investors are finally beginning to question whether expectations have run too far ahead of reality.
One thing is certain.
The coming weeks are likely to be very interesting.
And when uncertainty rises, opportunities often follow.
Whatever happens next, we've got you.
We'll continue looking for opportunities.
We'll continue managing risk.
And we'll continue positioning portfolios to take advantage of whatever the market throws at us.
Fed up with underperforming portfolios?
Fed up with endless excuses from wealth managers?
Fed up with paying high fees for average results?
Book a FREE portfolio consultation (towards the bottom) and discover why more investors are choosing TPP.
Because investing should be about results.
Not excuses.
TPP. Built differently.
Markets don't care about opinions.
They don't care about headlines.
And they certainly don't care about excuses.
They care about results.
Which is slightly awkward in an industry where talking about results is heavily restricted.
That's why we wrote the article below.
It explains the compliance challenge and includes independently verifiable performance figures from TPP client accounts.
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TPP.
Built differently.
TPP strategies trade leveraged instruments, including equity index futures. Leverage magnifies both gains and losses, and the value of your investment can fall as well as rise. You may get back less than you invest. Capital is at risk.
*TPP client accounts have returned an average of 16.02% year to date, accurate as of 31 May 2026 and referring to the average of all client accounts. Past performance is not a reliable indicator of future results.
Disclaimer: The views expressed in this article are the author’s own and should not be considered to render any legal, business or financial advice. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions.
This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. This material has been prepared for informational purposes only.
Past performance may not be indicative of future results. Therefore, you should not assume that the future performance of any specific investment or investment strategy will be profitable or equal to the corresponding past performance.
TPP is a trading name of UCapital Asset Management LLP. UCapital Asset Management LLP is authorized and regulated by the FCA - Financial Conduct Authority - with registration number 477155. Registered Company number OC333807..Our past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any investment strategy or product made reference to will be profitable, equal any corresponding historical performance or be suitable for your portfolio. There is a substantial risk of loss in trading financial markets. Past performance is not indicative of future results.
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