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Markets are in a "state of alert," according to analysts monitoring a pivot from riskier tech sector bets into defensive stocks. Technology stocks — a key driver of rallies in recent years — have been notably volatile in 2026. Concerns about artificial intelligence — particularly when it comes to capital expenditure, cash flow, debt and circular financing — have sparked multiple bouts of volatility this year. The Democrats' sweep of Congress in the U.S. midterm elections amplified pressure on the sector last week. Wall Street's tech-heavy Nasdaq Composite Index is up by around 8.7% since the start of the year as of Nov. 9 close, but gave up some of its year-to-date gains in October when it shed 5.3% over the course of the month.
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