The NASDAQ index has experienced a significant downturn, falling over 1,000 points, or 3.84%, to a current level of 25,801. The session saw a low of 25,753.93, as selling pressure intensified after reports emerged that Microsoft may seek to tap the equity markets to finance its expanding artificial intelligence infrastructure investments. This news has adversely affected both Microsoft’s stock and the broader technology sector. Technically, the index has slipped below its 100-hour and 200-hour moving averages, indicating a bearish trend in the short term. A critical support level is identified at 25,694.60, which aligns with the 50% retracement of the rally from the April 21 consolidation low. This level is significant due to historical swing highs and lows from early May. A break below this point could further weaken the index's outlook. The market's decline is compounded by rising Treasury yields, increasing energy prices, and renewed inflation concerns, which could escalate the costs associated with AI infrastructure development, presenting additional challenges for technology firms already grappling with high capital expenditures.