Wall Street Eyes Rising Rates as AI Spending Fuels Record Rally

Macro Impact 4
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Summary · why it matters

Enthusiasm for Big Tech and its huge investments in artificial intelligence is powering the stock market to record highs again, but higher interest rates are the one obstacle that can derail this ride. Technology companies are historically sensitive to Treasury yields because their high market valuations are based on growth estimates, with bigger profits anticipated sometime in the future. Last week's relatively subdued readings for consumer and producer prices tamped down expectations that the Federal Reserve will hike rates when it convenes next month, helping to drive the S&P 500 Index to another all-time high on Thursday and pushing the tech-heavy Nasdaq 100 Index within 2% of its first record since early June. However, inflation remains well above the Fed's 2% target, traders are pricing in at least one interest rate hike by the end of the year, and the yield on 30-year US Treasury bonds is hovering around the highest it's been since 2007. All of which represents a real risk for the major AI spenders, who are increasingly being forced to finance their ambitious capex plans by selling long-term debt.

Impact on stocks 10

Artificial Intelligence▲ · 8 stocks
Communication Services▲ · 1 stocks
Others▲ · 1 stocks

Theme Impact 1

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