Rising tariffs are reshaping the flow of global capital, pushing risky assets into a phase of repricing

New tariff policies have once again raised global supply-chain costs, and worsening tensions in Iran have further pushed up energy prices, forming “dual inflation pressure” from two key factors. The market is starting to worry that corporate profit margins will be eroded, so the US equities technology sector is the first to come under pressure.

In the past few years, the key logic behind the rise in US stocks has been AI, high growth, and loose liquidity. But now the market is facing cost increases, higher financing costs, and escalating global trade frictions—meaning capital is beginning to reassess the fair valuations of risky assets.

Meanwhile, traditional safe-haven assets such as energy, defense, and gold are regaining investor favor, while growth stocks face outflows. This sector rotation is a normal market reaction when macro risks rise; it does not mean the fundamentals of all technology companies have deteriorated.

Historical experience shows that every geopolitical crisis leads to short-term market panic, but what ultimately determines the direction of the stock market is companies’ earnings power. If leading tech firms can continue to sustain AI revenue growth, then even with periodic adjustments, they still have repair potential over the medium to long term.

Therefore, the market right now looks more like a repricing of risk rather than the start of a systemic bear market. Investors should focus more on corporate earnings than simply watching war-related news.
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