KULR Technology Group, Inc. (KULR) shares plummeted 5.8% on Monday in a broad selloff of high-growth technology stocks. The sharp decline came as investors grew increasingly concerned about economic growth prospects and the potential impact of rising interest rates on speculative tech companies.
Despite KULR announcing a collaboration with the U.S. Army to evaluate its VIBE system, a positive development for the company, this news was overshadowed by the negative market sentiment towards riskier tech investments. Other popular tech stocks like Tesla, Nvidia, and Boeing also saw significant pre-market drops on Monday, reflecting the broader trend.
The selloff highlights the ongoing volatility in the market, particularly for high-risk, high-reward technology stocks that are sensitive to changes in economic conditions and interest rates. As concerns mount over the broader economic outlook, investors appear to be exercising caution towards these speculative investments.
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