Investor has taken a dim view of America's largest tech companies, as the Iran war increases oil prices and hopes for rate cut reductions. Tech stocks are down 10% from their highs and the S&P 500 has had its longest weekly losing streak since 2022. The tech-heavy Nasdaq 100 index is down over 8% this year and the market selloff is particularly challenging for investors as it is not deeper than previous major selloffs. The rise in oil prices increases costs for tech companies that are set to spend over $650 billion this year on energy-intensive data centers and the like to fuel their AI ambitions. If corporate profits are pressured, companies may have to cut people off and consumers may also decrease spending.