#GlobalTechSell-OffHitsRiskAssets

Assessment Test for Tech Giants: AI Spending Under the Microscope
Global markets are heading toward a critical turning point where excessive optimism in the tech sector is giving way to cautious awareness. This wave of selling, which gained significant momentum in February 2026, is not just a price correction; it reflects deep-rooted concerns about return on investment (ROI) and the pace of AI initiatives (AI).
Fundamental Dynamics of the Sell-Off
Capital Expenditure Pressure (CAPEX): Massive investment plans exceeding $200 billion dollars for AI infrastructure by giants like Google and Amazon in 2026 are increasingly viewed by investors as "margin pressure." The impact of these high costs on short-term cash flows is leading to a reassessment of premium valuations in tech stocks.
Sector Rotation: Investors are shifting away from tech and growth stocks toward more defensive, cash-rich traditional sectors. This trend is causing a negative divergence between tech-heavy stock indices and the broader market.
Macroeconomic Data and Labor Market: Weak employment data from the United States indicates a loss of momentum in economic growth, acting as a catalyst that accelerates investors' flight from high-risk assets.
Impact of the Chain on High-Risk Assets
This wave of selling is not limited to stock markets alone. Digital assets and the cryptocurrency market are also affected by this liquidity contraction. Cryptocurrencies, which have shown increased correlation with tech stocks, are experiencing sharp declines in line with deteriorating global risk appetite. Notably, concerns that current software business models "have been replaced by AI" are causing widespread sell-offs across the entire sector.
Analysis Note: The market is currently seeking an answer to the question: "Is AI a productive tool, or a revolution that will swallow software giants today?" This uncertainty may keep volatility elevated for some time.
Future Outlook
In the coming period, it will not be enough for companies to simply invest in AI; they will need to demonstrate tangible revenue growth (achievement) resulting from these investments. As markets transition from the "narrative" phase to the "financial data" phase, risks remain for high-growth companies, those with high levels of debt, and those struggling to achieve net profits.