Unprofitable and unworthy? Teladoc, Pinterest, Plug Power down sharply as Goldman Sachs' non-profitable tech index dries up
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Goldman Sachs created a non-profitable tech index last year that consisted of a number of high-flying tech stocks, such as Teladoc (NYSE:TDOC), Pinterest (NYSE:PINS) and Plug Power (NASDAQ:PLUG), but as the Federal Reserve shifts from easing to tightening, with some forecasting more than four rate hikes this year, these stocks have suffered significantly over the past six months.

And some investors, including fund manager Jeremy Grantham, believe there is significantly more downside to come.
The full index, which can be viewed here, has drastically underperformed other indexes since mid-October, including the S&P 500, Russell 2000 and the 10 largest names in the S&P 500, cap-weighted.

Plug Power (PLUG) has the largest weighting in the index, accounting for 11.8%, while Pinterest (PINS) came in fourth, at 4.3% and Teladoc (TDOC), the sixth-largest, at 3.5% of the index.
Over the past six months, Plug Power shares have fallen 23%, while Pinterest has been cut in half, down nearly 56%. Teladoc, a Cathie Wood favorite, has declined slightly more than 50%.
It's not just the aforementioned names in the index that have suffered in recent months. The other stocks that round out the top 10: Nio (NYSE:NIO), Bilibili (NASDAQ:BILI), Roku (NASDAQ:ROKU), Peloton (NASDAQ:PTON), Snap (NYSE:SNAP), Cloudflare (NYSE:NET) and CrowdStrike (NASDAQ:CRWD) have all seen double-digit declines, led by Peloton's 80% drop, which caused it to be kicked out of the NASDAQ-100 index earlier this month.
Peloton (PTON), which has been plagued by slowing demand and recalls for its connected fitness products, reported preliminary fourth-quarter results last night after CNBC reported earlier in the day that it was temporarily halting production of its bikes and treadmills due to slowing demand.