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According to a technology strategist at investment bank Baird, Ted Mortonson, the new tech dynamic is FOGK (fear of getting killed).
Tech stocks are under pressure due to recent rising yields. In the last five days, the Nasdaq Composite Index has declined nearly 5%. In the past year, tech stocks were triggered by FOMO (fear of missing out) during the unprecedented global pandemic. At the time, investors bid up tech stocks that saw growth in their revenues. During the worldwide lockdown, technology companies recorded increases, especially gain in the number of users. Some of the companies are software company Zoom Video Communications Inc. (NASDAQ: ZM), Snowflake Inc (NYSE: SNOW), DoorDash Inc (NYSE: DASH), and Airbnb Inc (NASDAQ: ABNB).