Palantir, Nvidia, and Rigetti Computing experienced a drop in their tech stock prices on Monday.

On Monday, technology stocks that were popular among retail investors experienced a decline as investors cashed in on their 2024 winners and sold off more speculative names amidst rising interest rates.

Nearly 3% of the slumped, while the quantum computing winner plummeted 29%. Last year's Nasdaq winner also experienced a 3% decline.

The sell-off coincides with a surge in bond yields, as the 10-year Treasury yield reached its highest level since late 2023 on Monday. A robust employment report on Friday cast uncertainty about whether the Federal Reserve will reduce interest rates further in 2023.

Many key tech and quantum computing names experienced a losing week, and Monday's moves continued this trend.

On Monday, other well-known technology stocks, including and , also experienced drops, with falling 3%, and slumping about 2%, and declining about 3%.

Quantum computing stocks that experienced a surge following Alphabet's chip announcement in 2020 have since dropped, with some falling more than 16%. Additionally, the sector saw a decline last week after Nvidia CEO Jensen Huang stated that practical quantum computers may not be available for another few decades.

While the megacap tech names edged down about 1%, and the other two fell slightly.