#Nasdaq The Sentiment of the Technology Market: The "Ash Wednesday" of AI
The technology market awoke today under a cloak of selective skepticism. After months of a rally driven by the promise of Artificial Intelligence, the sentiment shifted from "buy at any cost" to "prove the value". The Nasdaq-100 index reflects this tension, operating in decline and testing important psychological supports.
The institutional investor, who moves the market strongly from Tuesday to Thursday, seems to be taking profits and recalibrating expectations. It is not a widespread panic, but rather a necessary technical and fundamental correction to alleviate the excess optimism from the beginning of the year.
The 3 Main Factors of Nasdaq's Decline Today
1. The "Reality Shock" of Anthropic and Autonomous AI
The launch of new AI tools from Anthropic generated an unexpected effect: instead of euphoria, it brought fear of disruption. The market began to question which current business models (such as traditional software and asset management) are still defensible. This caused significant sell-offs in companies that could become obsolete faster than expected.
2. Capital Rotation to Cyclical Sectors
We are seeing a clear "rotation out of technology". With the end of the partial shutdown in the U.S. and the approval of the budget, investors are pulling money from Big Techs (which are stretched in valuations) and moving to cyclical sectors, such as retail, construction, and commodities (gold and metals), which tend to benefit from a more stable economy.
3. Earnings Season Fatigue and High Capex
Although giants like Microsoft and Apple have reported solid numbers, the market focused on the aggressive increase in Capex (capital expenditure). There is growing concern that profit margins may be compressed by the high costs necessary to maintain AI infrastructure, leading to price adjustments even in companies with good operational results.