NEW YORK — U.S. technology stocks faced renewed selling pressure on October 15 as investors reassessed the financial risks associated with artificial intelligence investments, rising borrowing costs and the possibility of additional Federal Reserve rate increases.

The latest downturn has placed particular attention on companies building artificial intelligence infrastructure, including data centers, cloud-computing platforms and advanced semiconductor systems. Although demand for AI services remains a major long-term growth opportunity, investors are increasingly examining whether the returns from these investments will justify their substantial costs.

Concerns intensified after stronger-than-expected inflation data raised expectations that interest rates could remain elevated for longer. Higher borrowing costs can make it more expensive for technology companies to finance new facilities, purchase computing equipment and expand operations. They can also reduce the present value investors assign to profits expected far into the future.

Debt-heavy AI infrastructure businesses have been especially vulnerable. Companies that rely on external financing to expand capacity face greater pressure when lenders demand higher returns or investors become less willing to fund long-term projects. A slowdown in financing could force some businesses to reconsider expansion schedules, spending commitments or profitability targets.

The market reaction reflects a shift in investor priorities. During earlier stages of the AI investment boom, companies often received strong valuations based on anticipated demand and future revenue growth. Investors are now paying closer attention to cash flow, debt obligations, customer commitments and the time required for major investments to generate returns.

The sell-off has also highlighted the relationship between technology spending and the broader economy. AI infrastructure requires substantial capital investment, including electricity, cooling systems, networking equipment and specialized chips. If businesses reduce spending because financing becomes more expensive, suppliers and service providers could experience slower growth.

However, the downturn does not necessarily mean that demand for AI technology is disappearing. Companies across industries continue to explore automation, productivity tools and AI-enabled services. The central question for investors is whether revenue growth will keep pace with the enormous capital requirements of building and operating these systems.

Market participants are likely to monitor upcoming company earnings, management forecasts and financing disclosures for evidence that AI investments are producing sustainable returns. Guidance on capital expenditure, operating margins and debt levels may become particularly important as companies report quarterly results.

The Federal Reserve’s next policy decisions will also remain a key influence on market sentiment. Persistent inflation could limit the scope for interest-rate cuts or increase the possibility of further tightening, while weaker economic data could change expectations in the opposite direction.

For investors, the latest decline underscores the risks of treating AI-related shares as a single investment category. Companies with strong balance sheets, established customer demand and reliable cash generation may be better positioned to withstand higher financing costs than businesses dependent on continuous external funding.

The longer-term outlook for artificial intelligence remains tied to adoption and productivity gains. In the near term, however, investors appear increasingly focused on a more immediate test: whether the financial returns from the AI boom can support its growing cost.