Stock Track | Zoom Plummets 5.01% Intraday Amid Concerns Over Europe's 'Kill Switch' for U.S. Tech

Stock Track02-04

Zoom's stock price dropped sharply by 5.01% during intraday trading on Tuesday, reflecting significant selling pressure on the video communications platform.

The decline follows warnings from market strategists that investors may be underestimating a growing shift away from U.S. technology assets. According to a recent analysis, Europe is actively working to reduce its dependence on American technology platforms and policies, which could negatively impact companies like Zoom.

Matthew Tuttle, CEO of Tuttle Capital Management, highlighted in a note that European governments and corporations are increasingly seeking alternatives to U.S.-based technology, aiming for greater digital sovereignty. This trend, described as building a "kill switch" for U.S. tech, could affect procurement decisions and create regulatory challenges for American technology firms operating in European markets.

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