Quick Take Big Tech’s 2026 capital spending plans have blown past expectations , sparking a sharp market reaction. Investors still believe in AI — but they now want clear proof of returns , not just long-term promises. The CapEx Shock Across recent earnings, mega-cap tech companies pushed 2026 CapEx from “already massive” to “historically extreme” : Meta Platforms : US$115–135B vs US$110B consensus Stock jumped ~10% initially, but gains faded → investors want evidence, not AI rhetoric Microsoft : US$140–150B vs US$109B consensus Stock fell ~10% → ROI timing now under scrutiny Alphabet : US$175–185B vs US$115B consensus Shares slipped as markets adjusted to a more capital-intensive Google Amazon : ~US$200B vs US$146B consensus Stock dropped ~11% after-hours on cash flow concerns What Investors Are Really Worried About This is no longer about believing in AI — it’s about financial optics and timing . Key Market Fears CapEx is rising fa...
Quick Summary
Singapore stocks ended mixed on Friday as REITs led gains while banks and industrial names weighed on sentiment. The Straits Times Index (STI) saw selective buying interest despite heavy turnover in blue chips.
Key Takeaways
CapitaLand Integrated Commercial Trust (C38U) topped the STI, rising 2.94% to S$2.45, driven by renewed interest in defensive yield plays.
YZJ Shipbuilding (BS6) was the biggest laggard, slumping 6.23%, as investors pared exposure to cyclical industrial stocks.
DBS Group (D05) was the most actively traded counter, down 0.6% to S$59.30, reflecting profit-taking in bank heavyweights.
REITs outperformed, with several trusts posting gains amid global volatility and falling risk appetite.
Market activity remained elevated, signalling portfolio rotation rather than broad-based selling.
Market Snapshot
Top Gainer (STI): CapitaLand Integrated Commercial Trust +2.94%
Top Loser (STI): YZJ Shipbuilding -6.23%
Most Traded Stock: DBS Group (Turnover: S$323.26m)
What This Means for Investors
The session highlights a defensive tilt in the Singapore market, with investors favouring stable, income-generating REITs while trimming exposure to banks and cyclical sectors. Near-term market direction is likely to stay selective, driven by global rate expectations and earnings visibility.
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