Technology stocks popular with retail investors tumbled on Monday as investors took profits from 2024 winners and dumped more speculative stocks amid a rising interest rate environment.

NVIDIA down 3%. Palantir Down 4%, while quantum computing winners give up calculation plunged 23%. Last year’s Nasdaq champion Apply love Also sold about 3%.

The sell-off comes as bond yields rise, with the 10-year Treasury yield hitting its highest level since late 2023 on Monday. Friday’s strong jobs report cast doubt on whether the Federal Reserve will continue to cut interest rates this year.

“While tech stocks surged last year as interest rates fell, both Wall Street and Main Street have serious doubts about further Fed rate cuts,” said Greg Bassuk, chief executive of AXS Investments, adding that this week Five’s report “exacerbates” these concerns.

Monday’s moves also come after a week of losses for many key tech and quantum computing companies, with Truist’s Keith Lerner noting that leaders will eventually enter a correction phase. The co-chief investment officer said the overall market uptrend “remains intact” but is undergoing a reset.

“We believe this is a necessary part of the correction phase and we may be further along in this correction than many investors realize since many stocks peaked in late November, early December,” Lerner said. “

Other prominent tech stocks also fell on Monday, including Tesla It was last down about 1%. Semiconductor inventory Micron Technology down 5%. The decline across the semiconductor industry comes amid news that the U.S. government is further restricting exports of artificial intelligence chips.

Quantum computing stocks, boosted by positive announcements about Alphabet chips last year, also tumbled, with D wave plunged 28%. IonQ Lost 10%. Meta CEO Mark Zuckerberg made comments that echoed comments made by Nvidia CEO Jensen Huang last week, suggesting there was help Quantum computers are still decades away.