Tech stocks fell Monday even as the US projected optimism about ongoing peace talks with Iran.

SpaceX continued a multi-day rout following an announcement last Thursday that the firm would launch an inaugural bond sale just days after its blockbuster IPO.

Alphabet was also on track for its worst performance in a year after two of Google DeepMind’s key employees jumped ship, including a Nobel Prize winner who is joining Anthropic.

But analysts remain optimistic about the broader prospects for tech stock growth, thanks to record investment in the data center buildout. “The outlook for these stocks related to AI infrastructure spending is tremendous,” a senior portfolio manager told Bloomberg.