Goldman Sachs: Global Tech Stocks Drew $200 Billion in Net Selling Over Two Weeks

Goldman Sachs data show global tech stocks recorded roughly $20 billion in net outflows over the past two weeks, with selling pressure hitting an extreme reading of 3.3 standard deviations. TMT selling came close to the $23 billion seen in July. The volatility spread between the Nasdaq 100 and the S&P 500 has widened to the 98th percentile of the past five years, a sign that investors are bidding up safe havens at a much faster pace than tech exposure. J.P. Morgan estimates that debt financing for AI infrastructure has topped $500 billion this year, with funding costs for hyperscale cloud providers up about 120 basis points from earlier levels. Google, Microsoft and Amazon report earnings this week, and the market will be watching whether AI capital spending converts into real revenue and whether future investment can keep drawing funding. J.P. Morgan sees the financing ties between NVIDIA and GPU operators as a possible channel for credit risk transmission; any tightening in operator financing could travel upstream through the supply chain. The bank remains constructive on tech fundamentals and points to a potential buying window in early November, while tracking further portfolio de-risking, evidence of earnings delivery and any narrowing in credit spreads.