QQQM is trading at $293.85, down -1.77%, as concerns over the cost and returns of AI investment pressure technology shares. - Tesla’s capex cut and Meta’s AI spending plans renewed those concerns; IBM’s premarket decline added to weakness in large technology stocks. - Renewed Middle East tensions and higher oil prices are weighing on risk sentiment, with Nasdaq futures among the hardest hit. - These sector and broader-market pressures are consistent with QQQM’s technology-heavy exposure.