🔴 Growth ETF (QQQM) is trading 1.69% down on October 29, 2026, as AI-investment doubts pressure tech

QQQM is trading at $293.84 (-1.69%) as concerns over returns from heavy AI investment weigh on technology shares.

• Alphabet’s disappointing results and negative free cash flow revived concerns about AI investment returns; Microsoft’s strong Azure results offered a counterpoint.
• Weakness in semiconductor and software shares added pressure as investors weighed September PCE inflation and GDP data after the Fed held rates steady.
• The Nasdaq’s decline indicated tech-led weakness, not an isolated QQQM move.