Wallstreetcn analysis indicates that the Nasdaq 100 Index (NDX) is approaching the lower bound of its multi-month trading range, with pre-market trading already showing further signs of weakness as NDX futures broke below an uptrend line and fell below the 100-day moving average. Meanwhile, Goldman Sachs data shows that hedge funds have net bought U.S. Technology, Media, and Telecommunications (TMT) sectors in 10 of the past 11 trading days, with long tech positions just established before the technical structure deteriorated. The analysis suggests that AI safety disputes and energy risks from the ongoing closure of Saudi oil pipelines could be catalysts for a repricing of tech stocks. The Semiconductor ETF (SMH) traded near $544 in pre-market, having already fallen below the lower bound of its consolidation range and the 100-day moving average, showing even weaker performance.