Thursday’s U.S. stock market saw a notable and sharp pullback.

The S&P 500 fell 1.3%, the Nasdaq Composite tumbled 2.2%, and the Dow Jones Industrial Average dropped by more than 500 points in tandem.

As the tech giants’ Q2 earnings reports rolled out one after another, concerns about “massive AI capital expenditures squeezing free cash flow” fully erupted; meanwhile, Brent crude oil surged strongly past the $100 per barrel mark, and the increased risk of renewed inflation pushed U.S. Treasury yields higher again. This led the market to reassess the severe geopolitical shock to supply-side inflation, with technology and discretionary consumer sectors lagging the broader market.

Rising Treasury yields put even heavier discount pressure on high-valuation tech stocks and highly leveraged companies.

Big tech companies rolled out “massive Capex plans” one after another, and market tolerance for AI infrastructure buildouts has clearly fallen. Funds are accelerating out of high P/E tech giants and rotating in the short term toward more defensive sectors or those with inflation-hedging characteristics.

‍$DOGE

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