2026년 2월 7일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
The technology-led selloff that gathered pace this week is now feeding directly into financial firms tied to software lending, as investors reassess risks linked to rapid advances in artificial intelligence. Concern intensified after new AI tools from Anthropic reignited fears that a range of software providers could face structural pressure, raising questions about the durability of loans and equity stakes held by asset managers and banks. That anxiety has coincided with the tech-heavy Nasdaq (NASDAQ:QQQ) 100 Index heading for its worst week since early April, when President Donald Trump's sweeping tariffs unsettled global markets, with weakness now spilling into parts of the financial sector that had previously appeared insulated.
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Private credit and alternative asset managers with concentrated software exposure have absorbed the brunt of the move. Blue Owl Capital Inc. is in the midst of an 11-session losing streak, its longest since its 2021 listing, with shares down 26% over that span and trading at their lowest level since August 2023. Its technology-focused BDC is at a record low, while the VanEck BDC Income ETF has fallen 5.6% this week, marking its steepest decline since October. Investor caution has also been evident in fund flows, with around 15.4% of net assets withdrawn from one of Blue Owl's tech- and software-focused BDCs after redemption limits were raised, adding to existing unease around private credit following writedowns disclosed by BlackRock TCP Capital Corp.
Market participants note that any AI-related stress among software borrowers may not yet be visible in credit data, suggesting the current price action could reflect sentiment more than realized losses. Even so, the disruption fears are extending into traditional investment banking, where softer capital markets activity is a growing concern. Shares of Goldman Sachs Group Inc. (NYSE:GS) have fallen nearly 6% since Tuesday, while Morgan Stanley (NYSE:MS) is down about 5%, their weakest three-day performances since November. Executives at advisory firms such as Evercore (NYSE:EVR) have said they do not yet see a near-term slowdown, but have cautioned that if volatility persists, dealmaking and underwriting activity could eventually feel the impact, keeping investors focused on whether this AI-driven selloff deepens or stabilizes.
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