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Why Axon Enterprise Stock Plunged Week

TheMotleyFool

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Why Axon Enterprise Stock Plunged Week: https://g.foolcdn.com/editorial/images/853969/axon_2023_axonbody4_confidential_january_lafayette_in_productshoot_062.jpg

Shares of Axon Enterprise (NASDAQ: AXON), the maker of TASER electrical weapons and body cameras, were taking a dive this week, even though there was no major company-specific news out on it.

Instead, the sell-off seemed to be part of a broader wipeout in software-as-a-service (SaaS) stocks due to concerns about disruption from AI and lofty valuations in the sector.

As of Friday at 12:09 p.m. ET, Axon stock was down 19.1% for the week. As the chart below shows, the stock primarily fell on Wednesday and Thursday.

Source Fool.com