Tech stocks see $20B net selling in two weeks as AI financing costs rise

The scale of the outflow, paired with an extreme statistical reading, suggests this is less a rotation than a reassessment of the financing model underpinning AI buildouts. The detail that matters is the link between rising hyperscaler funding costs and vendor financing arrangements: it turns a capital-expenditure story into a credit story, where stress at one layer can travel to another. Earnings from the largest cloud buyers this week are the nearest test of whether that transmission chain is tightening or holding.