AI Stocks Slide as Debt Fears Grow and Oil Nears $100

Technology stocks are selling off as concern about artificial intelligence spending and debt intensifies. The bigger question is whether this remains a technology correction or spreads into the broader economy while energy costs stay elevated. Next week, I’m watching 7,575 on the S&P 500 Index (SPX) and $700 on the Invesco QQQ Trust (QQQ) for signs of how much damage this selling is doing.

In One Minute

The S&P 500 fell 1.1%, or 85 points, while QQQ dropped 2.5% as the artificial intelligence selloff accelerated. Rising concern about debt repayment is putting pressure on businesses across the technology sector, even as demand for artificial intelligence remains substantial. Oil at $99 adds pressure on consumers, while strength in established dividend-paying businesses shows that some money is rotating within stocks. The immediate test is whether major support holds, including Bitcoin’s $81,000 floor.

The Context

The concern is no longer simply that artificial intelligence stocks became expensive. These companies have borrowed heavily, and the cost of protection against debt defaults four, five, and six years from now is rising sharply. That signals growing doubt about whether future revenue will support those obligations. Demand can remain strong while excessive spending and borrowing still leave many businesses vulnerable.

Inflation and growth are also pulling the market in different directions. This week’s Consumer Price Index and Producer Price Index readings were hot, yet bond yields fell as the technology collapse increased recession concerns. Expensive energy adds another strain on household spending and could eventually affect demand for paid digital services. Meanwhile, strength outside technology helps explain why the broader market has held up better.

Key Developments

The S&P 500 is weakening, but I would not call its chart broken yet because it remains above its neutral zone. A break below 7,575 next week would move my outlook from bullish toward neutral, while losing the broader neutral zone would turn it bearish and bring 7,000 into view. Its broader mix of businesses still leaves room for an advance toward 8,000 before a major top develops.

QQQ is approaching $700, roughly $10 below the price discussed, where a previous gap and several prior lows create an important support area. If that breaks, the next major reference is the July low at $661, opening the possibility of another decline of roughly 7%. My working view remains that technology, particularly artificial intelligence stocks, may already have peaked.

Micron peaked in June 2026, declined, and then formed a bear flag, a sideways to slightly rising pause after a selloff. It never recovered that June peak and has now broken lower again, with the July low at $736 marking the first major support over the next couple of weeks. A rebound toward the broken support area is possible, but I would still view that as a recovery within a damaged chart.

Cerebras has fallen from $212 on September 25 to $126 roughly three weeks later. It reached a descending support line near its lowest level since the initial public offering, which prompted a small purchase near the end of the session. I’m treating that as a potential rebound trade rather than confirmation that the technology selloff is over.

CoreWeave fell more than 13%, reversing the improvement from yesterday’s rebound after an opening gap lower. Immediate support is around $61, and a break would bring the next area around $51 to $51.50 into focus. That lower area combines a previous gap fill with an earlier pivot, making around $51.50 a potential location for a small swing trade.

NVIDIA fell about 1.5%, holding up better than many other technology stocks and remaining in an uptrend. The key level next week is $210, because a break would be an extremely negative development for its chart. NVIDIA may ultimately be one of the artificial intelligence winners, but that possibility does not remove the importance of this support test.

Broadcom is approaching support between $325 and $315, where a descending trend line meets several previous price gaps. One gap has already filled, and the narrower $315 to $320 area particularly interests me for a potential swing trade higher. I did not buy it during the session, but it is on my radar for Monday.

Palantir fell 7%, showing that the selling has spread beyond semiconductor manufacturers. The concern is that stress around artificial intelligence financing could eventually weaken spending across related businesses. Despite the decline, I do not consider Palantir a buy yet and would need to see further weakness before reconsidering it.

IonQ returned to an area where a previous gap fill meets an ascending support line. I bought and sold a position yesterday, then repurchased a small amount near today’s lows because of that combination. I remain interested in its future computing technology, but I’m expressing that interest through small swing trades because the stock can still fall further.

AST SpaceMobile was another beaten-down name where I began a very small position. That purchase sits within the same cautious approach I’m taking toward selected technology rebounds. I’m stressing small because this part of the market remains in a precarious position.

Alphabet had a large down day and is at risk of breaking a major rising trend line next week. A failure there could extend the selling into the largest technology companies. Gemini also illustrates the demand concern: if higher household costs push people to cancel subscriptions, revenue becomes less dependable while infrastructure borrowing still needs to be repaid.

Across technology, my approach remains focused on trading rebounds rather than assuming a lasting recovery. The right setup can still produce a gain of 5% or 10% over a few days, even within a weakening market. Until the charts prove otherwise, I expect those bounces can eventually roll over again.

Oil continues climbing and is now at $99 per barrel, approaching $100 with roughly three weeks until the midterm elections. My earlier expectation that pressure to bring prices down would produce a retreat has not worked out, and there is no obvious simple resolution. The longer prices stay elevated, the more strain they place on consumers, economic activity, and inflation.

Natural gas fell again and moved back below its key descending resistance line. Previous attempts to break higher never confirmed, so repeated tests have not yet produced a sustained breakout. Rising support remains underneath price, but the immediate issue is still its inability to hold above resistance.

Gold was roughly unchanged and continued holding above its rising orange trend line. There have been temporary moves and closes below it, but no confirmed breakdown. That resilience may reflect some demand for safety, although descending resistance remains overhead.

Silver slipped after yesterday’s rebound, although the decline was limited despite its industrial exposure. It still needs to hold $55, especially with price already below its former rising support line. If $55 breaks, I would look toward $50 and potential buying on a brief move below that level.

Oklo’s decline has brought earlier price areas back into consideration, and I have begun a very small position. Around $25 looks interesting, with $18 marking a deeper reference from before the major advance. Those levels create potential rebound opportunities, but the size of the decline alone does not establish a bottom.

Valero declined during the session after a strong run, with its chart showing price near the upper portion of a rising channel. I remain bearish on refiners at these elevated levels and continue holding a Valero short that is approximately at breakeven. A deal that changes the situation supporting oil prices could cause a sharp reversal, including the risk of a 20% daily decline in refiners.

Suncor has delivered a remarkable recent advance after a more uneven stretch of trading. Marathon Petroleum (MPC) also performed well as elevated oil prices supported energy shares. These gains show that stocks outside technology are working, although the possibility of a sudden change in the oil backdrop keeps me cautious about chasing the group.

Coca-Cola has rallied sharply while technology has weakened, giving us a clear example of money rotating within the market. Walmart is another established business benefiting, while Clorox was among the beaten-down dividend-paying names I held as an alternative to expensive artificial intelligence exposure. The point is that at least some institutional money is changing destinations rather than leaving stocks altogether.

AbbVie has also advanced strongly, but it is now reaching major resistance. The chart marks $293 where two rising trend lines converge, bringing it into consideration as a potential short. A business can benefit from defensive rotation while its share price still reaches a level where I become cautious.

Tesla opened sharply higher on excitement about flying cars, then sold off and broke a shorter rising support line. The broader chart remains inside a descending channel, and the failure to hold its opening gains shows how weak buying demand was. I expect broadly available flying cars are more than five years away, especially given that full self-driving has been promised for five to ten years without delivering the envisioned outcome.

Bitcoin continues holding at $81,000, and its immediate technical structure remains intact as long as that support survives. This area previously acted as resistance, then became support after price broke above it. The repeated tests make it the central dividing line between holding the breakout and suffering a more damaging decline.

If $81,000 breaks, the next downside level is $75,500. On the upside, the chart marks $87,700 as the breakout level, where a return would give Bitcoin another opportunity to challenge resistance. For now, I’m watching whether support holds and whether price can recover far enough to make that test.

Why It Matters

The connection between debt, demand, and energy costs is what makes this technology selloff significant. Companies have committed heavily to infrastructure, while higher household costs could make future subscription revenue less dependable. That creates pressure on both the spending assumptions behind the buildout and the borrowing used to finance it.

At the same time, market leadership is changing rather than disappearing everywhere. Defensive shares and energy businesses have benefited while technology struggles, helping the S&P 500 hold up better than QQQ. That difference matters because a damaged technology chart does not automatically mean the broader index has already broken down.

Key Details

Bull Case

The S&P 500 remains above its neutral zone, leaving room for an advance toward 8,000 while other businesses offset technology weakness. Selected technology stocks can still produce meaningful rebounds at established support, with Broadcom’s gaps, Cerebras’s descending line, and IonQ’s support combination offering specific setups. Gold is holding its rising line, and Bitcoin remains technically intact above $81,000 with $87,700 as the next breakout test.

Bear Case

Technology may already have peaked, and rebound trades can fail without changing that broader view. Losing $700 on QQQ would expose $661, while breaks at NVIDIA’s $210 level or Alphabet’s major trend line would deepen the damage. CoreWeave below roughly $61, silver below $55, and Bitcoin below $81,000 would bring their lower levels into play. Persistent energy costs and debt repayment concerns remain the broader risks connecting these setups.

What to Watch Next

Next week, my main index checks are 7,575 on the S&P 500 and $700 on QQQ, alongside NVIDIA at $210 and Alphabet’s rising trend line. Broadcom is on watch for Monday, while Micron’s $736 support matters over the next couple of weeks. I’m also watching whether oil stays elevated, natural gas can confirm a breakout, gold and silver defend support, and Bitcoin holds $81,000 or recovers toward $87,700.

Bottom Line

The artificial intelligence trade is under pressure from debt concerns while expensive energy adds strain to demand. Rotation into established businesses is helping the broader market, but technology’s damaged charts still leave room for more selling. Bitcoin’s $81,000 support remains its immediate decision point. I’m staying patient, keeping rebound positions small, and waiting for prices to reach the levels that justify a trade.