The water comes out at a single point at high pressure below the sphere.

It then travels out and exits all around the sphere.

The water can be pumped below the sphere very slowly, but at high pressure, and that way still lift the sphere.

The water doesn’t get squeezed and accelerate towards the outside edge, because as it flows outward, the circle gets bigger. The area expands.

Hence it slows down, drops in pressure, and comes out at a trickle.

It’s not like pinching a hose. It’s like adding a kink in the hose. There is huge pressure before the kink, amd after the kink the pressure is super low. It makes the water slow down and come out at a trickle. Even though the pressure before the kink is huge.