Nasdaq 100

Big Tech's AI capex expansion — Alphabet alone guiding $195–$205B for 2026 — is now spooking markets more than inspiring them, triggering a rotation out of hyperscalers precisely as the Fed's hawkish pivot re-prices long-duration growth names.

The Nasdaq 100 is at 29,727.70 following a sharp July 23 selloff driven by Alphabet's massive AI capex raise and soaring oil prices, with the index now testing the critical 29,500–29,700 consolidation zone and facing a hawkish Fed signalling a potential 2026 rate hike.

Main Risk

Fed Rate Hike Repricing + AI Capex Shock

Fed funds futures now price a 78% chance of a September hike to ~3.75–4.00%, while Alphabet's $195–205B capex guide raises return-on-AI-investment fears across the hyperscaler complex.