WSJ：AI The boom is creating a new capital siphon, putting pressure on non-technology U.S. equities

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BlockBeats news,October 3, according to WSJ's report,September divergence in the U.S. equity market has intensified markedly. Although the S&P 500 Index was broadly flat and the Nasdaq 100 Index rose 3%, nearly 500 of stocks in the S&P 80%Index declined, with an average drop of approximately 5%，11 Of the sectors, only technology and communication services rose. Over the same period, the Russell 2000 Index fell 5%, while the 50 largest stocks by market capitalization rose 2%。

September Stocks that rose were generally linked to AI or the data-center supply chain. Meanwhile, the yield on U.S. 10-year Treasury bonds surged from 4.7%to 5.3%, and non-AI companies also faced a “triple pressure” from interest rates, energy prices, and competition with AI companies for employees, equipment, and capital.UBS Chief Economist Arend Kapteyn said that, excluding AI technology companies, U.S. capital expenditure was “basically zero.” As financing costs rise, corporate credit spreads have also begun to widen. Among them, spreads on CCC-rated low-grade bonds September widened by more than 1 percentage points, exceeding levels during last year's U.S. tariff shock.

In addition, Wall Street's expectations for corporate earnings growth have begun to cool. Christian Mueller-Glissmann, Head of Asset Allocation Research at Goldman Sachs, said earnings and earnings expectations grew rapidly in the first half of this year, but momentum in earnings growth has begun to weaken since the summer. The article argues that if bond yields and oil prices remain elevated, sectors outside AI may continue to face pressure, corporate earnings growth may slow, and concerns over credit risk may rise further.

Original link https://m.theblockbeats.info/flash/370177

Key points

September The S&P 500 Index was broadly flat, while the Nasdaq 100 Index rose 3%。
Nearly 500 of stocks in the S&P 80%Index declined, with an average drop of approximately 5%。
11 Of the sectors, only technology and communication services rose.
The Russell 2000 Index fell 5%, while the 50 largest stocks by market capitalization rose 2%。
September Stocks that rose were generally linked to AI or the data-center supply chain.
The U.S. 10-year Treasury yield rose from 4.7%to 5.3%。
Non-AI companies face pressure from interest rates, energy prices, and competition with AI companies for employees, equipment, and capital.
UBS Chief Economist Arend Kapteyn said that, excluding AI technology companies, U.S. capital expenditure was “basically zero.”
CCC Spreads on September-rated low-grade bonds widened by more than 1 percentage points, exceeding levels during last year's U.S. tariff shock.
Christian Mueller-Glissmann, Head of Asset Allocation Research at Goldman Sachs, said earnings and earnings expectations grew rapidly in the first half of this year, but momentum in earnings growth has begun to weaken since the summer.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

The evidence indicates that September market performance was concentrated in AI and data-center-related stocks, while other stocks and small-cap stocks were broadly weak. The report summarizes the pressures facing non-AI companies as financing costs, energy prices, and competition with AI companies for employees, equipment, and capital.

Why it matters to readers

If bond yields and oil prices remain elevated, the evidence suggests that AI-adjacent sectors may continue to face pressure, corporate earnings growth may slow, and concerns over credit risk may rise further.

This shows that an index remaining flat or rising does not mean that most stocks rose; capital may be concentrated in a small number of AI-related stocks.

Risks and unknowns

Content relayed by BlockBeats WSJ report; evidence does not provide the WSJ original article.
The forward-looking assessments in the report depend on subsequent changes in bond yields, oil prices, earnings expectations, and credit spreads.
The evidence does not provide complete statistical definitions for the relevant data or independent verification results.

WSJ：AI The boom is creating a new capital siphon, putting pressure on non-technology U.S. equities

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