The February sell-off in shares of Axon Enterprise (NASDAQ: AXON) began on fears that the company's long streak of quarterly beats might be coming to an end. That didn't happen, but the stock never recovered post-earnings.

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The stock price fall coincides with a decline in other power-related companies deemed to be plays on artificial intelligence (AI), such as Constellation Energy (down 16.5% over the same period) and NuScale Power (down 27.

On Holding (NYSE: ONON) stock dropped 19% in February according to data provided by S&P Global Market Intelligence. There wasn't any news specific to On in the month, but there have been market fears about tariffs,