The US100 contract tracking the US Nasdaq 100 index is down more than 4.5% today, as investors panic and rush to sell technology stocks.
Several factors may explain the ongoing sell-off. The first is the Democrats' victory, which has ultimately cast significant doubt over the future pace of investment in AI data centres in certain US states. This could directly affect the order books of dozens of companies for which the construction of additional large-scale data centres was expected to generate billions of dollars in revenue and, in some cases, formed the very foundation of their business models.
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Another factor is persistently elevated inflation and bond yields, alongside uncertainty surrounding the situation in the Middle East. According to IFX, Russia has reportedly advised its citizens to avoid travelling to Iran, potentially suggesting that the United States is preparing to intensify military operations despite ongoing negotiations with Tehran.
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It is difficult to identify a single reason behind the sell-off, beyond a dramatic shift in investor positioning and uncertainty over the future trajectory of the artificial intelligence trend. The market is concerned that the trend benefiting infrastructure giants such as Nvidia and other semiconductor suppliers could begin to reverse. Qualcomm's biggest stock sell-off since 2020 following its earnings report only reinforces the view that the semiconductor sector is at the centre of the ongoing market rout.
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Another concern is the uncertain outlook for so-called neocloud companies specialising in renting out computing capacity. For example, CoreWeave shares are plunging by more than 8% today, while investors are hedging against potential problems among companies with similar business models that have until recently relied heavily on aggressive borrowing. This is also reflected in credit markets.
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The macroeconomic data released today from the US economy do not justify a sell-off on this scale. Initial jobless claims declined, productivity improved in the previous quarter, and labour costs fell. Today's market move appears to be driven primarily by excessive leverage and a strategic repositioning by major investors, compounded by challenging conditions in credit markets.
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At the same time, investors remain uncertain about how expensive AI models such as Claude and ChatGPT will compete with increasingly popular, cheaper open-source alternatives and Chinese models. Under these circumstances, Anthropic's potential stock market debut appears increasingly uncertain unless investors change their perspective in the near future.
It is also worth noting that final decisions regarding data centres in the US have not yet been made. The current declines appear to be driven more by uncertainty than by hard data pointing to a reversal of the artificial intelligence trend.
US100 Chart
The Nasdaq 100 contract is sliding to its lowest level since 30 July 2026. The S&P 500 futures contract is also declining, although significantly less than the Nasdaq, which has greater exposure to technology stocks. Even the recent significant decline in oil prices has failed to provide support for US equity indices.
Source: xStation5
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