US tech stocks suffered their fifth consecutive daily decline on Friday, 26 June 2026, pushing the Nasdaq Composite toward its longest losing streak of the year as investors reassess the sustainability of AI-driven rallies amid mounting concerns over inflated valuations and rising debt levels. The sell-off deepened after Micron Technology’s shares tumbled following a global technology rout, while chipmakers SK Hynix and Micron both reported their second weekly drop in seven days, signaling growing “AI fatigue” among traders .

The retreat extended beyond chipmakers, with US equity funds recording weekly outflows as technology weakness weighed on broader sentiment . European markets mirrored the downturn: Germany’s DAX closed down more than 300 points, while Greece’s ASE posted a weekly loss exceeding 1% after four straight sessions of net selling . Analysts at Handelsblatt noted that “the mood is turning” as investors question whether AI-related gains can be justified by fundamentals rather than debt-fueled expansion .

Sentiment soured further after reports suggested OpenAI may delay its long-anticipated IPO, a move that could undermine confidence in the entire AI investment thesis. Handelsblatt warned that much of the AI wave has been financed through capital markets, new share issuance, and heavy borrowing rather than free cash flow, leaving the sector vulnerable to any pullback in funding . The delay, if confirmed, would mark a sharp reversal from earlier expectations that the listing could serve as a bellwether for the AI boom.

Underlying macroeconomic pressures added to the strain. Core US inflation met forecasts, tempering expectations of aggressive Federal Reserve rate hikes and reducing projected increases from two to one by year-end, yet risk aversion remained elevated as surging chip demand pushed technology costs higher and threatened to weaken end-user demand . Asian markets, which had initially shown resilience, echoed Wall Street’s caution, with futures slipping and chip stocks resuming their slide .

The cumulative effect has been a broad reassessment of risk across global equities, with the tech-heavy Nasdaq now facing its longest losing streak since the start of 2026. While some European benchmarks managed modest weekly gains, the overriding trend points to a market in retreat, driven by doubts over valuation sustainability, debt levels, and the durability of AI-driven growth.

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