The Kobeissi Letter said in a post on X that the Nasdaq 100 lost about $4 trillion in market value in 25 days, while AI stocks fell more than 13% in October. According to Odaily, the S&P 500 is 3.5% below its record high, even as about 58% of its constituents are down at least 20% from their own peaks; the index excluding AI stocks rose 8% over the same period and set a record on Friday. The Kobeissi Letter said 75% of technology stocks are in bear-market territory, and 91% of information technology stocks are down at least 10% from their highs. It said selling pressure is concentrated in technology-related stocks, leaving investors with heavy tech exposure feeling more strain than major indexes suggest. The letter also said record corporate capital spending on AI and a normal market pullback could lay the groundwork for another rally, while predicting significant volatility in November.