VGT is trading down 1.6% as technology stocks retreat following a Trump–Xi summit that ended without progress on U.S. semiconductor export controls.
- Investors are engaging in profit-taking across AI and semiconductor names after bidding up prices ahead of the meeting in hopes of eased trade restrictions.
- Macroeconomic pressure from rising energy prices and higher bond yields is further weighing on growth valuations, amplifying the pullback from recent record highs.
- The decline reflects a broader risk-off sentiment across the NASDAQ, with recent high-performing tech leaders seeing the sharpest pullbacks.