WSJ: The AI boom is creating a new capital siphon, putting pressure on non-tech companies in the U.S. stock market.

BlockBeats news, October 3rd, according to WSJ, the divergence in the U.S. stock market in September intensified significantly. Although the S&P 500 index remained basically stable and the Nasdaq 100 index rose 3%, nearly 80% of individual stocks in the S&P 500 fell, with an average decline of about 5%. Among the 11 sectors, only technology and communication services rose. During the same period, the Russell 2000 index fell 5%, while the 50 largest stocks by market capitalization rose 2%.

The stocks that rose in September were generally linked to AI or the data center supply chain. At the same time, the U.S. 10-year Treasury yield surged from 4.7% to 5.3%, and non-AI companies also faced the "triple pressure" of interest rates, energy prices, and AI companies competing for employees, equipment, and capital.

UBS chief economist Arend Kapteyn said that excluding AI technology companies, U.S. capital expenditure is "basically zero." As financing costs rise, corporate credit spreads have also begun to widen, among which spreads on CCC-rated low-rated bonds rose by more than 1 percentage point in September and exceeded the level during last year's U.S. tariff shock.

In addition, Wall Street's expectations for corporate earnings growth have also begun to cool. Christian Mueller-Glissmann, head of asset allocation research at Goldman Sachs, said that earnings and earnings expectations grew rapidly in the first half of this year, but since the summer, earnings growth momentum has begun to weaken. The article believes that if bond yields and oil prices remain high, industries outside AI may continue to come under pressure, corporate earnings growth may slow, and concerns about credit risk may also rise further.