Selloff of IT-companies' shares has been observed for seven weeks, and it seems that investors are starting losing belief in this sector, Bloomberg writes. This situation differs from the situation in the beginning of this year, when FANG members, Facebook, Apple, Amazon.com, Netflix and Google, set one record after another.

It will be difficult to recover trust of investors, experts assume. Hedge funds reduced positions in regards to futures of Nasdaq 100 to the lowest since May.

Last week investors also took more than $300 million from IT exchange traded funds. As a whole, there was $3,1 billion of outflows from IT-sector in October, while inflows during 21 month through September were $41,3 billion.

Nasdaq 100 and S&P 500 both showed decline on Monday. Apple stocks lost 5% due to lower iPhone demand. Apple’s suppliers followed the suit. Lumentum Holdings Inc. lost 33%, Cirrus Logic Inc., Qorvo Inc. and Skyworks Solutions Inc. fell by at least 5%.

In a whole, Nasdaq 100 lost $1 trillion of its value last month.