On the Shanghai Huangpu River from October 20-22, the 2026 Sustainable Global Leaders Conference returns. Nobel laureates and Turing Award winners will speak on-site about the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and the era of excessive competition — Macfarlane and Xiang Biao — will hold a live dialogue! Limited seats available, first come first served. Let us gather for the sustainable appointment! [Click to register]
In the early hours of Friday Beijing time, the three major U.S. stock indices closed higher. Market concerns about excessive investment by tech companies in artificial intelligence prompted investors to withdraw from AI trading positions and shift toward other value targets. Traders also digested U.S. economic data showing resilient inflation. The S&P 500 rose 25.12 points, or 0.33%, to 7,744.06. The Nasdaq Composite rose 20.16 points, or 0.08%, to close at 26,713.03. The Dow Jones Industrial Average rose 556.21 points, or 1.08%, to 52,177.69.
Seagate Technology and Western Digital extended their declines this week, while SK Hynix shares also weakened, dragging South Korea's Kospi index sharply lower in the previous trading session. Concerns in the AI sector intensified further: sources revealed that Anthropic's third-quarter revenue grew to $16.8 billion, with some traders worried that the revenue growth rate of this AI giant may not be enough to support the earlier substantial rally in chipmaker stocks.
However, other AI sector stocks staged a recovery. CoreWeave shares rose 3%, reversing the previous day's decline. In the prior trading session, the stock plunged more than 15% as investors worried about the company taking on significant debt to expand AI computing capacity, with CoreWeave's corporate bond yields also surging in tandem. Additionally, Micron Technology turned positive from negative, closing with a gain of nearly 1%.
Alex Shahidi, co-chief investment officer of Evoke at MAI Capital Management, said: "U.S. Treasury yields have reached 5%, the highest level since the early 21st century. Investors will compare this yield against high-risk investments like betting on AI. The question is not whether to allocate to AI, but how concentrated you are willing to make your position."
Sectors outside of technology rose, providing support for the broader market. Retailer Walmart shares rose nearly 2%, while Nike (NYSE: NKE) surged more than 5%. Investors also reacted to the latest inflation-related data. The U.S. September Producer Price Index (PPI) rose 1.3% month-over-month and 6.3% year-over-year, the largest monthly and annual increases since 2022. Previously, the September Consumer Price Index (CPI) year-over-year increase exceeded expectations, raising market fears that the Federal Reserve may adopt more aggressive tightening monetary policy before year-end, which weighed on U.S. stocks on Wednesday.
David Russell, global head of market strategy at TradeStation, said: "Following Wednesday's CPI data, today's PPI report confirms that inflation is worsening amid high energy prices. Regardless of the election outcome, prices continue to rise, and the Fed may be forced to take action."
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