A sell-off in tech continued this week, leaving the tech-heavy Nasdaq Composite down about 10% in September. The sell-off follows significant year-to-date outperformance for tech stocks. Even including the recent drawdown in the Nasdaq, the index is up 20% this year. This compares to a 3% year-to-date rise for the S&P 500.
As investors deal with this sell-off and hope to find a bottom, here’s a review of some of the biggest stories in tech from the week.
Snowflake goes public
Cloud-based data platform Snowflake (NYSE:SNOW) went public on Wednesday to great fanfare. Selling 28 million shares and raising more than $3 billion, the debut marked the biggest software IPO ever.
With trading starting at $245 per share, Snowflake garnered a $68 billion market capitalization despite only bringing in $403 million of trailing-12-month sales. The valuation was difficult to justify, to say the least. Yet