Goldman Sachs: Global Tech Stocks Net Sold $20 Billion in Two Weeks, AI Financing Risks Rising

Goldman Sachs data shows that global tech stocks saw a net sell-off of approximately $20 billion over the past two weeks, with the selling intensity reaching an extreme level of -3.3 standard deviations. The sell-off in the TMT sector approached $23 billion, similar to the $23 billion seen in July this year. The volatility spread between the Nasdaq 100 Index and the S&P 500 Index has risen to the 98th percentile of the past five years, indicating a significant increase in market demand for safe-haven tech stocks. AI financing pressure has become a market focus, with JPMorgan noting that the debt financing scale for AI infrastructure has exceeded $500 billion this year, with financing costs for major cloud service providers rising by about 120 basis points compared to before. As Google, Microsoft, and Amazon release their earnings reports this week, the market is paying attention to whether AI capital expenditures can be converted into actual revenue and the sustainability of financing for subsequent investment expansions. JPMorgan believes that the financing link between Nvidia and GPU operators may become a channel for credit risk transmission, and if operators tighten financing, the pressure may spread upstream along the supply chain. The bank holds a constructive view on the fundamentals of the tech sector, believing that a buying window may appear in early November, but signals such as further market position clearing, corporate earnings realization, and narrowing credit spreads need to be observed.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.