Wells Fargo lowered its year-end S&P 500 target from 7,950 to 7,700, citing concerns over a spending cliff in AI-related capital expenditures by hyperscalers. The bank's chief equity strategist, Ohsung Kwon, highlights that while 2027 spending is locked in at $1.5 trillion, the math breaks in 2028 when required demand to justify spending jumps sharply. This could lead to a drop in earnings as depreciating assets weigh on profits. Kwon also notes high equity allocation and low market volatility could amplify market moves, recommending rotation into quality and defensive sectors like healthcare rather than reducing overall equity exposure.
Wells Fargo's outlook on AI spending and its S&P 500 target revision is presented here with Pluang's Technology sector market data as of Sep 24, 2026 19:51 WIB. Of 150 priced Technology-sector US stocks tradable on Pluang, 21 rose and 126 fell today. Notable movers include CLS (Celestica Inc) at USD 351.64 with a -3.09% change and 87% buy order activity, MQ (Marqeta Inc) at USD 15.61 down 3.04% with balanced buy/sell orders, and QUBT (Quantum Computing Inc) at USD 8.86 down 2.85% with 64% sell orders. The most notable figure is the 126 stocks that fell today in this sector.
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