压力在金融链条内呈现广泛扩散。2月初，面向财富管理、保险、头部银行、顾问、金融数据供应商和交易所的AI相关应用先后引发抛售，Block又削减了近一半员工。Anthropic上周发布的面向财务研究与法律服务自动化的新模型亦引发相关股票急挫。在信用敏感板块方面，Synchrony Financial、American Express与Capital One的跌幅均至少6%，而Apollo、KKR与Ares的跌幅均至少5%。
市场信用脆弱性似乎正在加深。JPMorgan策略师称，价值高达1500亿美金的美国抵押贷款担保工具（CLO）内杠杆贷款分布在可能被AI颠覆的行业。投资级可比债务的风险溢价本周已扩大近4个基点，为11月初以来最大。MFS披露其贷款抵押品短缺13亿美金。BlackRock的私募债基金在减息股息后下滑，Blue Owl与Invico分别为应对赎回压力启动对策，其中Blue Owl的当月表现已创下2022年以来最差。分析师Mike Mayo、Herman Chan、Brian Finneran与Matt Maley均警告：即便尚未形成系统性传染，未受监管影子银行中扩大中的信用问题、利差扩张与国债走强共同指向持续的风险厌恶格局。
On February 28, 2026, financial shares recorded another broad selloff as concerns from AI disruption and private-credit stress intensified. The KBW Bank Index fell 4.9%, back to early-December levels and the worst session since April’s trading turmoil. All 23 members slid at least 1.9%, with Western Alliance Bancorp, Goldman Sachs, and Zions Bancorp among the biggest losers. Lenders, payments providers, and asset managers took the sharpest hit; the collapse of a Wall Street-backed UK mortgage lender and wider credit spreads further deepened fears of defaults in private lending.
Pressure spread widely across the financial chain. Earlier in the month, AI-related launches hit wealth managers, insurers, major banks, advisers, data providers, and exchanges, and Block cut nearly half its workforce. Anthropic’s new model, aimed at automating financial research and legal services, also triggered sharp declines. In credit-sensitive names, Synchrony Financial, American Express, and Capital One all fell at least 6%, while Apollo, KKR, and Ares each fell at least 5%.
Credit-market fragility appears to be deepening. JPMorgan strategists estimate up to $150 billion in U.S. collateralized-loan-obligation leveraged loans are in sectors exposed to AI disruption. Spreads on comparable investment-grade debt had widened by nearly 4 basis points this week, the largest move since early November. MFS reported a $1.3 billion collateral shortfall. BlackRock’s private-debt fund fell after a dividend cut; Blue Owl and Invico both moved to address redemptions, with Blue Owl’s month becoming its worst since 2022. Analysts Mike Mayo, Herman Chan, Brian Finneran, and Matt Maley warned that even if no clear contagion has started, growing credit problems in unregulated shadow banking, wider spreads, and stronger Treasuries still signal a persistent risk-off stance.