Global Tech Stocks See $20 Billion in Net Selling Over Two Weeks

Global technology stocks saw about $20 billion in net selling over two weeks as investors focused on financing for artificial intelligence infrastructure.

Selling intensity reached minus 3.3 standard deviations, an extreme reading. Technology, media and telecom stock sales approached the roughly $23 billion seen in July. The volatility spread between the Nasdaq 100 and S&P 500 rose to the 98th percentile of its five-year range, indicating increased demand for protection against technology-share swings.

AI infrastructure debt financing exceeded $500 billion so far this year, while large cloud providers' financing costs rose about 120 basis points. Financing links between Nvidia and GPU operators could transmit credit risk if operators' access to funding tightens.

Google, Microsoft and Amazon are due to report earnings this week, with market attention on whether AI capital spending is producing revenue and how companies will finance further expansion.