40% of Nasdaq companies have lost more than half of their value since their highs

From April to December, the five most popular tech names accounted for 51 percent of all market gains, demonstrating the Nasdaq’s and the broader market’s narrow breadth. 

According to Sundial Research, a near-record amount of tech stocks have fallen by more than 50%, a figure only surpassed by the March 2020 crash and the global financial crisis. 

Four out of every ten companies on the Nasdaq Composite have seen their market values fall by 50% or more from their 52-week highs, while the vast majority of index participants are in bear markets. 

It’s also why hedge funds that hold all except the largest businesses have had a bad year, and why hedge funds have already seen some of the most significant selling in the last decade.