Global stock markets experience volatility due to artificial intelligence financing concerns and oil surge

Last week, global stock markets experienced a volatile trend due to artificial intelligence financing concerns and the increase in oil prices. While the S&P 500 index fell by 0.5% and the Nasdaq index dropped by 0.7%, the Dow Jones gained 0.4% to achieve its third consecutive weekly rise. The Philadelphia Semiconductor Index (SOX), on the other hand, experienced its longest streak since 2008, declining for eight consecutive sessions and losing more than 15% from its peak on October 6. Amid supply risks in the Middle East, the price of Brent crude oil barrel rose by over 6% to exceed 116 dollars, while the gold price tested the 4,000 dollar level with a decline of approximately 4%.

Among the primary factors increasing selling pressure in technology stocks were September inflation data, CoreWeave's financing stress, and Anthropic's slowing revenue growth. In September, CPI and PPI came in at annual rates of 3.7% and 6.4% respectively, while CoreWeave's credit default swap (CDS) indicated a probability of default of over 60%. Despite the company's operating cash flow of 3.66 billion dollars in the first half, capital expenditures of 14.1 billion dollars necessitated net borrowings of 11.53 billion dollars. Nevertheless, the stability of other bond spreads in the data center space indicated that this stress was company-specific.

Anthropic's quarterly revenue growth slowing from 145% to 45% stemmed from price competition rather than weak demand. While the company achieved a record revenue of 16.8 billion dollars in the third quarter, the token price index declined. On the other hand, TSMC raised its 2026 dollar-denominated revenue growth forecast to approximately 44% and maintained its compound annual growth rate (CAGR) for artificial intelligence revenues between 55% and 59% for 2024-2029. Demand resilience in the company's advanced packaging and chip manufacturing capacities remains robust.