Goldman Sachs: Global tech stocks see $20 billion in net selling over two weeks, AI financing risks heat up

October 26 - Goldman Sachs data shows that global tech stocks saw approximately $20 billion in net selling over the past two weeks, with the intensity of the sell-off reaching an extreme level of -3.3 standard deviations, and the TMT sector's selling volume approaching July's $23 billion. Meanwhile, the volatility spread between the Nasdaq 100 Index and the S&P 500 Index rose to the 98th percentile of the past five-year range, indicating a significant increase in demand for safe-haven assets away from tech stocks.

AI financing pressure has also become a market focus. According to JPMorgan, AI infrastructure debt financing has exceeded $500 billion so far this year, with hyperscalers' financing costs rising by approximately 120 basis points compared to before. As Google, Microsoft, and Amazon successively report earnings this week, the market will focus on whether AI capital expenditures can translate into actual revenue, as well as the financing sustainability of subsequent investment expansion.

JPMorgan believes that the financing linkage between Nvidia and GPU operators could become a channel for credit risk transmission; once operator financing tightens, pressure may spread upstream along the supply chain. However, the bank maintains a constructive view on tech sector fundamentals, believing that a buying window may emerge in early November, though it still needs to observe signals such as further clearing of market positioning, corporate earnings delivery, and narrowing credit spreads.