Updated

Shares of major pharmaceutical companies including AbbVie, Eli Lilly, and Gilead Sciences are trading at or near record highs as investors rotate capital away from technology stocks amid a sector-wide selloff and concerns about AI debt financing. The rotation into defensive healthcare stocks reflects traditional patterns of risk reduction during technology downturns and signals investor preference for companies with more stable cash flows and established markets. The relative outperformance of pharma highlights the breadth of the recent market divergence between growth and defensive sectors.