Tech stocks are getting slammed

The high-flying tech sector is taking it on the chin. The Nasdaq Composite Index was trading down 1.4% at 6,231.94 around 2:00 P.M. ET after hitting a record high earlier on Friday.

The day started out so promosing, with Goldman Sachs declaring “FAAMG” as the new acronym for the most powerful stocks in the space.

“While FANG has dominated investor focus, the nature of the acronym has expanded more broadly to encompass mega-cap tech,” Robert Boroujerdi and his colleagues wrote in a note on Friday. “Indeed, the bigger story in our view is FAAMG — Facebook, Amazon, Apple, Microsoft and Alphabet — a group of five stocks which have been the key drivers of both the SPX & NDX returns year-to date.” According to the firm, that group of five stocks has added $US660 billion in market value so far in 2017.

Shortly after the opening bell, the Nasdaq touched a record high 6,341.

But things turned south as the clock struck noon.

First, Citron Research published a scathing white paper on graphics processing unit manufacturer Nvidia. The firm said Nvidia had become “a casino stock” after soaring more than 16% this week alone. Citron said shares would sink to $US130 before hitting $US180.

“While we are fans of NVDA emerging business in auto, gaming, and AI ‚Ķhave the prospects of these technologies doubled in value in 6 months or is this an example of analysts chasing stock price?” Citron’s white paper asked.

That sent Nvidia shares tumbling into negative territory after hitting a record high $US168.50 earlier on Friday. Currently, they’re down 6.4% at $US149.70.

And that’s not all. Shares of Apple find themselves under pressure after a report from Bloomberg suggested the iPhone 8 won’t be as fast as its rivals. That sent shares down about 4% off their near record high of $US155.46 reached earlier on Friday. Apple now trades at $US149.85.

That one-two punch is weighing on the broader tech sector. Here’s a look at the performance of Goldman’s newly touted FAAMG stocks:

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