The recent drop in tech stocks, including Nvidia and Apple, appears to be a reaction to several factors. 

Here are the key points contributing to this decline:

1. Global Market Conditions: There has been a significant global sell-off, with markets in Asia, such as Japan's Nikkei 225, experiencing substantial declines. This has had a ripple effect on U.S. markets, impacting tech stocks heavily associated with the AI boom.

2. Economic Concerns: Higher-than-expected unemployment levels reported last Friday have fueled fears of a potential U.S. recession. This has led investors to reassess their positions in high-growth tech stocks, which are seen as more vulnerable in an economic downturn. 

3. Earnings Reports: Recent earnings reports from big-cap tech companies have been underwhelming. For instance, Tesla missed its earnings expectations and lowered its annual forecast, while Apple reported a decline in iPhone revenue. Although Nvidia's earnings are not due until later this month, concerns over the sustainability of the AI boom and the company’s ability to deliver AI chips on time have affected investor sentiment. 

4. Market Sentiment: There is growing skepticism about whether the massive investments in AI will yield the expected returns in the near term. Companies like Microsoft and Meta have projected long-term returns on AI investments, but this timeline has spurred doubts among investors looking for more immediate gains. 

Given these factors, the market reaction reflects genuine concerns rather than an overreaction.