Stocks Fumble Morning Gains as AI, Data Center Selloff Resumes

Stocks have given back early morning gains today, as the tech sector correction looks poised to impact another week. The Dow Jones Industrial Average (DJIA) and Nasdaq Composite (IXIC) have pivoted into the red midday, the tech-heavy latter eyeing a third-straight loss. The S&P 500 Index (SPX) has traded on both sides of the aisle and is marginally higher at last check. AI and data center valuations are at the heart of the choppiness, while Bitcoin (BTC) is sharply lower as well, the enigmatic cryptocurrency once again breaching $90,000.

Tilray Brands Inc (NASDAQ:TLRY) is seeing an uptick in put options volume today. At last look, 53,000 options have changed hands already today, with 14,000 puts crossing the tape -- four times the average intraday amount. The December 24 call is the most popular, while the December 12 call is also seeing positions sold to open. TLRY is 7.7% lower to trade at $11.21, pulling back from Friday's big breakout.

Lam Research Corp (NASDAQ:LRCX) stock is shrugging off the tech sector selloff today, last seen up 2.7% to trade at $165. Although there's no specific catalyst, LRCX is a chip shot from its Dec. 10 all-time high of $169.69 and is 130% higher year to date.  

Coinbase Global Inc (NASDAQ:COIN) stock is near the bottom of the Nasdaq today, down 4.6% to trade at $255.22. The crypto wallet is lower with BTC and testing its year-to-date breakeven level, thanks in large part to a 24% quarterly drawdown. The $250 level looks poised to slow any further losses.