ProShares UltraPro QQQ drops 14.3% in a day amid tech selloff and rate fears.

ProShares UltraPro QQQ (TQQQ), a 3x leveraged ETF tracking the Nasdaq-100, fell 14.28% in one day following a 4.8% drop in the underlying QQQ. The selloff was triggered by Broadcom's weak AI semiconductor revenue guidance and a strong May jobs report that revived rate hike concerns. While TQQQ remains up significantly year-to-date and over the past year, the recent volatility highlights the risks of leveraged ETFs during tech-specific selloffs and rising interest rates. Investors will closely watch the upcoming May CPI report and tech capex guidance for signs of recovery or further weakness.