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Today, the 10-year U.S. Treasury yield fell back to around 4.70%, and oil prices also dropped. Based on experience from the past few years, these two signals are generally not bad for tech stocks.
The result, however, was completely the opposite.
The Philadelphia Semiconductor Index continued to fall. Nvidia dropped 2.9% and has now closed lower for a seventh consecutive trading day; Micron fell 5.8%, and SanDisk dropped 6.45%. Memory and AI hardware remain the hardest-hit areas.
This shows that what the market is worried about now is no longer just “whether interest rates are high.”
A more troublesome issue is another one: the U.S. government needs to borrow a large amount of money, while the AI industry has also entered a peak period of capital expenditure and financing. Both sides are competing for long-term funds.
Money has not suddenly increased, but the number of borrowers has.
