AI infrastructure financing risks and rising oil prices pressured Wall Street. According to ChainCatcher, the Nasdaq 100 fell 5.5% over the week, its biggest weekly decline since tariff turmoil in April 2025. The Philadelphia Semiconductor Index fell for eight consecutive trading sessions, its longest losing streak since 2008, and dropped about 16% over the period.

Yields on some CoreWeave bonds briefly topped 15%, amid concerns about the company's AI infrastructure financing costs, returns on capital spending and ability to repay debt. CoreWeave shares fell 12% on Friday and are down more than 50% from their year-to-date peak. ARK Investment Management, led by Cathie Wood, increased its positions in CoreWeave and Cerebras Systems.

Brent crude rose to around $110 per barrel. West Texas Intermediate gained 3.8% on Friday to $101.71. Higher oil prices lifted inflation expectations, while the 10-year U.S. Treasury yield climbed to 5.097%, weakening Treasurys' appeal as a hedge against falling stocks. Investors' focus in the AI trade has shifted from computing demand to financing costs and returns, with technology companies' earnings set to test whether AI revenue can support continued high capital spending.