Goldman Sachs: Global tech stocks saw net selling of $20 billion over two weeks, with risks surrounding AI financing heating up.

Goldman Sachs data shows that global tech stocks have seen net selling of around $20 billion over the past two weeks, with sell-off intensity reaching an extreme level of -3.3 standard deviations. The TMT sector’s sell-off volume is close to the $23 billion recorded in July this year. Meanwhile, the volatility spread between the Nasdaq 100 Index and the S&P 500 Index has risen to the 98th percentile of its five-year range, indicating a significant increase in market demand for safe-haven assets tied to tech stocks. AI financing pressures have also become a key market focus. According to JPMorgan, AI infrastructure debt financing has exceeded $500 billion so far this year, and financing costs for large-scale cloud service providers have risen by around 120 basis points from previous levels. As Google, Microsoft, and Amazon release their earnings reports this week, the market will closely monitor whether AI capital expenditures can translate into actual revenue, as well as the financing sustainability of subsequent investment expansion. JPMorgan points out that the financing connection between NVIDIA and GPU operators could act as a channel for credit risk transmission; should operators face tighter financing conditions, pressure may spread upstream along the supply chain. That said, the bank remains constructive on the tech sector’s fundamentals, noting a potential buying window in early November, though signals including further clearing of market positions, corporate earnings delivery, and narrowing credit spreads still need to be observed.