Nasdaq 100 Forecast: Disruptive AI Remains Dominant Theme
By Fawad Razaqzada, Market Analyst
Date: 24/02/2026
Market Overview
US index futures have shown slight gains amidst a mixed trading session, with European markets declining, while Japan's markets are up and China's are down. Bitcoin has continued its downward trend, now priced at $63K, indicating a weak risk appetite among investors. The prevailing narrative in equity markets is characterized by a sell-off of stocks perceived as 'AI losers', with IBM being the latest casualty amid fears of AI disruption, particularly due to advancements from Anthropic.
Impact of AI on Stocks
IBM shares experienced a significant drop of 13%, marking their steepest decline in 25 years. This sell-off was triggered by a blog post from Anthropic, which highlighted its Claude Code tool's potential to modernize legacy systems reliant on COBOL, a language critical to IBM's mainframe operations. Additionally, Anthropic's introduction of "Claude Code Security" has raised concerns in the cybersecurity sector, affecting companies like CrowdStrike.
Nasdaq 100 Forecast
The current market sentiment suggests that any indication of AI threatening established revenue streams is met with swift punishment in the stock market. Although the Nasdaq 100 index has not yet shown signs of a major sell-off, the pressure is mounting for a potential breakdown. The bulls managed to defend the 24,600-24,650 support area, but the lack of bullish momentum raises concerns about the index's ability to maintain its position.
Technical Analysis
Recent trading patterns indicate that after attempts at recovery, the Nasdaq 100 has struggled to gain further momentum. The immediate resistance levels to watch are around 24,800-24,850, with 25,000 being a significant barrier. A failure to break above these levels could lead to a deeper decline, particularly if the index falls below the critical support zone of 24,600-24,650.
Conclusion
While the technical outlook for the Nasdaq 100 remains somewhat constructive, the absence of strong bullish signals is concerning. The market's current state suggests that a breakdown below key support levels could be imminent, leading to further declines. Investors should remain cautious as the situation develops, particularly with upcoming earnings reports, such as Nvidia's, which could serve as a catalyst for market movement.