The shift marks a notable change in global portfolios and raises fresh questions about confidence in U.S. markets.
Foreign purchases of U.S. equities have reached a record level, reflecting strong international interest in American technology, artificial intelligence and other growth sectors.
At the same time, appetite for U.S. Treasury securities has weakened, suggesting some investors are becoming more cautious about government borrowing, interest-rate uncertainty and the country’s expanding fiscal deficit.
The divergence is significant: investors appear willing to back U.S. corporations while showing less enthusiasm for lending to the federal government.
Analysts say the trend could support stock valuations and the dollar in the near term, but it also leaves markets more exposed to shifts in expectations around corporate earnings, interest rates and economic growth.
The data offer a mixed picture of global confidence in the United States. American businesses remain a preferred destination for capital, even as concerns over public finances and Treasury demand continue to grow.