Tech stocks aren’t feeling the love from investors this earnings cycle, with even Nvidia (NVDA) set for a weekly decline despite releasing an upbeat forecast and last-quarter results that exceeded analysts’ expectations.

Dell (DELL) fell on Friday after its profit topped forecasts, but investors chose to focus on a revenue miss and the narrow profitability of its server business. Autodesk (ADSK) slumped after rising yesterday on an earnings beat and newly disclosed plans to lay off employees. HP Inc. (HPQ) and NetApp (NTAP) also slid after earnings.

“While fourth-quarter earnings have been generally positive, with more companies than average beating expectations, some of the commentary about 2025 has been more negative,” Michael Rosen, CIO of Angeles Investments, told Quartz. Weaker consumer spending, tariffs, and possible policy changes are creating uncertainty.

Nvidia did give a positive outlook, but investors in big tech stocks are still getting more cautious amid the general anxiety, Rosen added. They’ve had an incredible run over the past two years — justified by rising profits — but they’re now broadening their focus, as shown by gains in European equities.

Mike Treacy, Head of Market Risk at Apex Fintech Solutions, sees a more-technical explanation for the weakness in tech stocks.

“We are seeing a massive unwind across multiple risk assets: AI, momentum stocks, crypto, etc.,” he told Quartz. “We are below the 200-day moving average in both SMH and NVDA. Despite robust earnings from NVDA, we could see technical selling across the AI ecosystem until these charts recover.”

It wasn’t all down-arrow on Friday: Nvidia is up on the day, and Super Micro (SMCI) and Palantir (PLTR) fluctuated after premarket declines.

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