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SpaceX IPO Pre-Launch Fund Reallocation Driving Chip Stock Selloff: Tom Lee

GateNews
StocksIndices
According to Tom Lee, chairman of BitMine and in a CNBC interview on June 10, market turbulence stems from fund reallocation ahead of SpaceX's $75 billion IPO, which will be added to the Nasdaq-100 Index. Tom Lee noted that institutional funds are selling positions in recently strong-performing stocks, including chip stocks, to raise cash for both IPO participation and establishing adequate secondary market positions after listing. He views the current pullback as healthy and expects it to attract buying interest, with tech stocks continuing to lead the market uptrend.
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