Wall Street: Selling wave in AI and chip stocks continues

The crucial question is no longer whether demand for AI is strong, but whether the capital market remains prepared to continue financing the massive expansion.

Inflation concerns are getting worse. US producer prices rose 1.3 percent month-on-month and 6.3 percent year-on-year in September - significantly higher than the expected 0.6 and 5.5 percent respectively. A large part of the increase is due to higher energy prices.

At the same time, the sell-off in AI and semiconductor stocks continues. Nasdaq futures are losing around 1.3 percent, although the yield on ten-year government bonds falls significantly to around 5.08 percent. The focus is increasingly on financing risks. The credit risk premiums of CoreWeave, Oracle and SoftBank have risen sharply, while Anthropic reports an increase in sales of around 45 percent compared to the previous quarter to 16.8 billion US dollars, but the pace of growth is slowing.

Taiwan Semiconductor Manufacturing, on the other hand, delivers strong figures and an outlook that exceeds expectations, but has not yet been able to turn the mood around. The crucial question is no longer whether demand for AI is strong, but whether the capital market remains prepared to continue financing the massive expansion.