KULR Technology Group, Inc. (KULR) shares witnessed a sharp pre-market decline of 5.53% on Tuesday, as investors continued to flee high-growth technology stocks amid mounting concerns over economic growth prospects and the potential impact of rising interest rates.
The pre-market plunge in KULR's stock price was part of a broader selloff in speculative tech companies, as investors grew increasingly cautious about investing in high-risk, high-reward technology stocks sensitive to changes in economic conditions and interest rates.
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 Tuesday, reflecting the broader trend.
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