The Invesco QQQ Trust could drop as much as 40% from current levels if the AI trade keeps unwinding, according to Barchart columnist Rob Isbitts. QQQ traded near $675 on Wednesday morning, already about 12% below its all-time high. Isbitts sees two key downside zones on the weekly chart. A break below current support could send the fund to $540 to $550, roughly 20% lower, and that move could happen quickly since past rallies through that range left little support behind. A deeper slide could reach $390 to $400, close to where QQQ began its climb just 19 months ago and nearly 50% below its 2026 peak. He said a 40% fall is not his main forecast, but a real risk if investors decide AI spending will not pay off. The midterm results, which raised doubts over government support for data centres, could add pressure.
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