shakeout

He is focused instead on what he calls JOMO, or the joy of missing out on a potential shakeout in tech stocks such as Palantir Technologies and other Nasdaq highfliers.

“The metal’s been overextended and long in the tooth for weeks, so some profit-taking or even a shakeout like this can help to clear out the tourists before a potential next leg higher,” said Koos.

A shakeout that some believe is overdue could soon follow.

Xiaomi, founded in 2010, is entering an overcrowded market that analysts expect will undergo a shakeout in coming years, with weaker startups falling by the wayside.

That has caused a shakeout in the industry.