| 📊 Alain’s Holdings — June 23, 2026 | ||||
|---|---|---|---|---|
| Symbol | Name | Price | Change | Change % |
| VOO | Vanguard S&P 500 ETF | 676.34 | -9.76 | -1.42% |
| QQQ | Invesco QQQ Trust | 713.65 | -24.30 | -3.29% |
| XIU.TO | iShares S&P/TSX 60 ETF | 51.92 | +0.08 | +0.15% |
The AI trade suffered another brutal session today as investors continued questioning whether hundreds of billions of dollars in AI infrastructure spending will ultimately produce enough profits to justify the enormous investment.
The technology-heavy Nasdaq plunged 2.2%, while the S&P 500 lost 1.4%. The Dow Jones Industrial Average held up relatively well, slipping just 0.1%, thanks to its lower exposure to high-growth technology stocks.
Semiconductor stocks were hit especially hard.
- Nvidia fell sharply.
- Micron tumbled ahead of earnings.
- The Philadelphia Semiconductor Index dropped roughly 7.6%, one of its worst days this year.
The market’s biggest concern is no longer whether AI will transform the economy. Most investors already believe it will.
Instead, the question is:
Will the companies spending hundreds of billions of dollars actually earn enough money to justify these investments?
Large technology firms continue announcing enormous AI capital expenditures while simultaneously issuing debt to finance data centers, custom chips, and AI infrastructure. Investors are beginning to ask when—or if—those investments will generate acceptable returns.
Another headwind remains the Federal Reserve.
Markets continue adjusting to expectations that Fed Chair Kevin Warsh could keep interest rates higher for longer, making expensive growth stocks less attractive. Higher rates reduce the present value of future earnings, which disproportionately affects technology companies.
Despite today’s selloff, it’s worth remembering that the major indexes remain solidly positive for 2026.
Corrections are a normal part of every bull market.
Sometimes investors become too optimistic.
Sometimes they become too pessimistic.
Successful long-term investing often means recognizing the difference.
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