SPMO is trading 2.7% down today as its heavy information technology exposure drives the fund lower amid fears that elevated AI and semiconductor valuations are unsustainable.
- Hawkish Federal Reserve commentary has tied persistent inflation to massive AI data-center build-outs, triggering a rotation from growth tech into defensive, value-oriented sectors.
- Escalating geopolitical tensions from the U.S.–Iran conflict are further pressuring tech-heavy funds as investors pull back from high-valuation growth assets.