All across Wall Street, day by day, the headlong rush into the most popular trades, from tech stocks to gold to cryptocurrencies, has given way to a sudden retreat from risk.

Tech stocks are trading lower as investors assess whether AI could upend current software leadership. Analysts say the market reaction is overblown.

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Markets are modestly lower before the opening bell Thursday with parts of the technology sector under pressure and bitcoin hitting its lowest price in 15 months. Futures for the S&P 500 fell 0.1%, while futures for the technology-heavy Nasdaq dipped 0.

A slide in tech stocks intensified Wednesday, spreading from software into semiconductor shares and other companies linked to the infrastructure build-out for artificial intelligence. The Nasdaq composite posted consecutive 1% declines for the first time since April’s tariff chaos.

Wall Street’s obsession with Amazon’s massive AI infrastructure spending plans obscures a more immediate concern from recent earnings reports. The Wall Street Journal identified consumer weakness as a defining theme this earnings season,

The action in stocks on Thursday showed just how quickly simmering concerns in one corner of the market can boil over into a large-scale rout.

The consensus price target hints at a 25.3% upside potential for TSMC (TSM). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.