Tech stocks rallied Wednesday as the Nasdaq 100 clawed back after a two‑day plunge that erased roughly $1.3 trillion in market value. By 2:37 a.m. New York time the index was up 0.6% following a 3.3% drop the prior session, while S&P 500 futures nudged 0.2% higher. Investor sentiment improved as risk appetite returned modestly.

Asian markets stayed jittery; South Korean shares swung between gains and losses as traders awaited chipmaker results. Attention zeroed in on Micron Technology, the top S&P 500 contributor to this year’s 7.6% gain, with its earnings seen as a barometer for broader semiconductor demand. Analysts expect the report to influence valuation multiples across the sector.

State Street’s global chief investment strategist Jennifer Bender called the swing a typical short‑term hiccup, warning that geopolitical turbulence will keep volatility high. Goldman Sachs partner Bobby Molavi likened the scene to the late‑dot‑com era, noting investors now tolerate 5% moves and questioning what a 10% plunge would trigger. Such swings could test portfolio resilience.

Despite the bounce, the Nasdaq 100 remains roughly 28% above its March 30 level, underscoring that AI‑driven valuations are still stretched. Summer typically saps liquidity, leaving the sector vulnerable to sharper corrections. With chip earnings on the horizon, investors will watch whether the rally holds or gives way to another pullback. Market participants remain cautious.