There’s a wash of popular tech stocks that fell on Monday, including Palantir, Nvidia, Rigetti Computing.

Technology stocks popular with retail investors fell on Monday as investors took profits from 2024 winners and dumped more speculative names in a rising interest rate environment.

Nvidia decreased by 2%. Palantir 4% down, and quantum computing won Refuses to count decreased by about 33%. Last year’s Nasdaq winner AppLovin also sold about 1.5%.

The 10-year Treasury yield on Monday hit its highest level since late 2023 amid a surge in bond yields. Friday’s strong jobs report casts doubt on whether the Federal Reserve will continue to cut interest rates this year.

“While tech stocks have benefited greatly from interest rate cuts last year, both Wall Street and Main Street have serious doubts about further Fed rate cuts,” said Greg Bassuk, CEO of AXS Investments, in a report on Friday. added that it “reinforces” these concerns.

Monday’s moves also follow a lost week for many major tech and quantum computing names, with Truist’s Keith Lerner noting that the leaders have finally entered a correction phase. The general market uptrend is “still intact” but is rebuilding, the chief investment officer said.

“In our view, this is a necessary part of the corrective phase, and we’re probably further along in this correction than many investors recognize because many stocks peaked in late November, early December,” Lerner said.

Other popular tech stocks fell along with Monday Micron Technology 4% decrease. The declines in the semiconductor sector came amid reports that the US government is imposing more restrictions on the export of artificial intelligence chips.

Quantum computing stocks also fell, boosted by last year’s positive Alphabet chip announcement. D-wave 33% decrease. IonQ lost 15%. The sale followed comments from Meta CEO Mark Zuckerberg last week, echoing Nvidia CEO Jensen Huang’s comments indicating that it was beneficial. quantum computers are decades away.