Ongoing questions regarding the financing of the AI buildout continue to act as the primary headwind for equities today. This downward pressure is especially noticeable when looking at the hyperscaler sector. To give you a clear picture of the impact, the S&P U.S.-Listed Hyperscalers Index has dropped by approximately a quarter since early May. Over this exact same timeframe, borrowing costs across the tech industry have gone up considerably. Adding to the financial landscape, the current month has also brought a sharp widening of the option-adjusted spreads for the iBoxx USD Technology and Telecommunications indices.
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