#美国ppi同比升至6.3% U.S. Market Analysis: Faith in AI Is Crumbling, Chip Stocks Fall for Eight Straight Sessions, and Money Is Flowing in Three Directions
AI trades faced a sweeping reckoning, the Nasdaq plunged 2%, and the semiconductor index posted its longest losing streak since 2008. U.S. stocks broadly tumbled on Friday: the Nasdaq fell 2.15%, the S&P 500 dropped 1.1%, and the Philadelphia Semiconductor Index slid more than 3.5%, marking its eighth consecutive decline. CoreWeave plunged 12%, and its bond yield briefly topped 15%, setting off alarm bells over credit risk. The market is starting to ask: if growth is being built on debt-funded, trillion-dollar AI capital spending, where are the profits?
How macroeconomic news is affecting different asset classes:
Technology stocks/AI supply chain: Memory chips were among the hardest hit, with Micron down 5.6%, Sandisk down 6.8%, and SK Hynix ADRs down more than 6.5%. The Magnificent Seven fell 1.6% on the day; Apple was the only one to finish higher, supported by preorders for the foldable iPhone Duo selling out instantly. Goldman Sachs sees the reaction as excessive in some areas; the Nasdaq’s forward P/E has fallen to 21, its lowest since the AI cycle began.
Energy: Brent crude rose more than 3% intraday, nearing $110, while WTI extended its winning streak to seven sessions, closing at $101.71. Chevron and Exxon Mobil hit new all-time highs. Lawmakers from both parties proposed a bill to block Russian diesel from entering the market, and tensions around the Strait of Hormuz have made energy the most direct refuge from rising oil prices.
Safe-haven assets: Coca-Cola rose more than 2% to another all-time high, while Eli Lilly, Walmart, and Procter & Gamble also gained. The 10-year Treasury yield briefly surged to 5.125% before retreating to 5.097% late in the session; longer-dated Treasuries clearly outperformed shorter-dated ones this week. Gold steadied near $4,168, ending almost flat.
Foreign exchange: The U.S. Dollar Index fell to a more than two-week low of 101.58, while the offshore yuan approached 6.6830 intraday, setting a fresh four-year high for a second straight day.
When the cost of financing AI starts to bite, the story has to give way to cash flow. Energy and consumer staples are rising while chips are falling. This isn’t rotation—it’s investors voting with their feet and repricing “certainty.” Next week’s earnings from the tech giants will be the real day of reckoning.$SOXL $CL $XAU #Celestia推出AI智能体测试链Eden #布伦特原油自5月来首次触及110美元
AI trades faced a sweeping reckoning, the Nasdaq plunged 2%, and the semiconductor index posted its longest losing streak since 2008. U.S. stocks broadly tumbled on Friday: the Nasdaq fell 2.15%, the S&P 500 dropped 1.1%, and the Philadelphia Semiconductor Index slid more than 3.5%, marking its eighth consecutive decline. CoreWeave plunged 12%, and its bond yield briefly topped 15%, setting off alarm bells over credit risk. The market is starting to ask: if growth is being built on debt-funded, trillion-dollar AI capital spending, where are the profits?
How macroeconomic news is affecting different asset classes:
Technology stocks/AI supply chain: Memory chips were among the hardest hit, with Micron down 5.6%, Sandisk down 6.8%, and SK Hynix ADRs down more than 6.5%. The Magnificent Seven fell 1.6% on the day; Apple was the only one to finish higher, supported by preorders for the foldable iPhone Duo selling out instantly. Goldman Sachs sees the reaction as excessive in some areas; the Nasdaq’s forward P/E has fallen to 21, its lowest since the AI cycle began.
Energy: Brent crude rose more than 3% intraday, nearing $110, while WTI extended its winning streak to seven sessions, closing at $101.71. Chevron and Exxon Mobil hit new all-time highs. Lawmakers from both parties proposed a bill to block Russian diesel from entering the market, and tensions around the Strait of Hormuz have made energy the most direct refuge from rising oil prices.
Safe-haven assets: Coca-Cola rose more than 2% to another all-time high, while Eli Lilly, Walmart, and Procter & Gamble also gained. The 10-year Treasury yield briefly surged to 5.125% before retreating to 5.097% late in the session; longer-dated Treasuries clearly outperformed shorter-dated ones this week. Gold steadied near $4,168, ending almost flat.
Foreign exchange: The U.S. Dollar Index fell to a more than two-week low of 101.58, while the offshore yuan approached 6.6830 intraday, setting a fresh four-year high for a second straight day.
When the cost of financing AI starts to bite, the story has to give way to cash flow. Energy and consumer staples are rising while chips are falling. This isn’t rotation—it’s investors voting with their feet and repricing “certainty.” Next week’s earnings from the tech giants will be the real day of reckoning.$SOXL $CL $XAU #Celestia推出AI智能体测试链Eden #布伦特原油自5月来首次触及110美元