Tom Lee Thinks One Investor Might Be Behind Nasdaq’s Stock Crash

On Friday, Tom Lee of Wall Street research firm Fundstrat said on CNBC that the technology selloff looked like forced liquidation, possibly by one large investor, rather than broad abandonment of stocks. He described liquidation as selling triggered when buyers who used borrowed money face falling prices and lenders demand repayment. Intel fell 28.6% after a weak forecast, its worst day since 1974, while the Nasdaq Composite closed down 5.3% for the month, its worst since March 2025, and had its worst day since June 5. Lee cited an equal-weight S&P 500 index that was rising while he spoke and closed down 0.79%, compared with a 1.82% drop in the regular S&P 500, as evidence money remained in stocks.