<p>CNBC《疯狂金钱》主持人吉姆·克莱默对市场近期表现进行了严厉评估，称如果你只拥有人工智能公司，那就是一个 “糟糕的日子”。这一尖锐的评论在他的节目中提出，突显了以科技为主的纳斯达克的显著下跌，与 “如果你拥有其他任何东西，那就是一个正常、体面的日子” 形成鲜明对比。克莱默的分析面向广泛的投资者群体，但对科技内部人士、创始人和风险投资家产生了深刻共鸣，强调了市场情绪从之前对人工智能股票的无拘无束的热情转向的明显变化。</p>
<p>克莱默在《疯狂金钱》中与观众讨论了影响人工智能股票的明显市场下跌及其背后的原因。他认为市场正在经历 “被抛在一边的普通公司复仇，因为高飞的、飙升的人工智能股票通过抛物线进入了天际”。这一观察为初创企业生态系统提供了重要见解：尽管创新推动长期价值，但市场周期和投资者行为可能导致估值超过有形、即时回报时的急剧、往往痛苦的修正，或者当替代的、风险较小的投资开始看起来更具吸引力时。人工智能股票的抛物线式上涨，受到投机热情和对其变革力量的信念的推动，似乎已达到一个拐点，重力正在重新发挥作用。</p>
<p>数据显示，人工智能相关投资组合的前景黯淡。道琼斯工业平均指数下跌 245.96 点，跌幅为 0.51%；标准普尔 500 指数暴跌 73.59 点，跌幅为 1.07%。最显著的是，重科技和人工智能公司的纳斯达克综合指数下跌 398.69 点，跌幅高达 1.69%。这种广泛的下跌以博通等公司为例，其股票在克莱默所称的 “表现良好但反响不佳的季度” 后 “崩溃” 了 11.43%。如此剧烈的反应表明，市场对人工智能公司的要求极高，不仅要求增长，还要求几乎不可能的卓越表现，以证明其高估值的合理性。</p>
<p>克莱默直言不讳地表示：“我认为我们现在在人工智能数据中心股票中真正经历了一场大屠杀。” 这一声明对在人工智能基础设施领域运营的创始人和风险投资家具有重要意义。数据中心行业是人工智能革命的基础支柱，已成为人工智能繁荣的主要受益者，像英伟达这样的公司见证了对其高性能 GPU 的前所未有的需求。在这一核心领域的 “屠杀” 表明，投资者正在审视这种需求的可持续性以及满足这种需求所需的资本支出。市场开始区分真正的、可持续的增长与投机泡沫，迫使对人工智能价值链的投资理论进行重新评估。</p>
<p>这种轮换的突然性令人震惊。投资者正在从炙手可热的行业转向 “像食品或药品这样的冷门行业”，甚至 “最糟糕的食品股票的表现超过了最好的人工智能股票”。这种资本重新配置突显了向更具防御性、价值导向投资的转变，清楚地提醒我们市场情绪可以迅速而果断地转变。对于创始人来说，这意味着可能面临更紧张的融资环境，以及在展示清晰的盈利路径和稳健的单位经济学方面的压力，而不仅仅是关注用户增长或技术突破。</p>
<p>尽管市场面临短期痛苦，克莱默对基础技术仍持长期看涨态度。他坚定地表示：“无论如何，我仍然相信人工智能是第四次工业革命。” 这一信念对人工智能社区至关重要。尽管金融市场可能经历波动和修正，但对人工智能在行业、经济和社会整体上变革潜力的根本信念在思想领袖中依然强烈。这种短期市场波动与长期技术愿景之间的二元性是那些构建和资助人工智能企业的人的持续挑战。当前的市场行动虽然令人不安，但并不否定人工智能即将产生的深远影响。</p>
<p>他对持有人工智能股票的投资者，特别是像英伟达这样的焦点公司，的建议始终如一：“拥有它，而不是交易它。” 他重申自己 “没有改变立场”，这表明对于那些有长期视野的投资者来说，这些公司仍然代表着有价值的资产。克莱默认为 “这些股票一旦估值降至不那么高的水平，就值得购买”。这一观点为风险投资家和机构投资者提供了战略路线图：耐心和关注内在价值将是至关重要的。当前的修正可能为战略收购或耐心投资者以更合理的价格进入提供机会，前提是他们相信基础人工智能技术和公司的长期基本面。市场实际上在要求重新校准，从以动量驱动的叙事转向更扎根于基本分析和可持续增长前景的叙事。</p>

<p>吉姆·克莱默强调了人工智能股票的下滑，纳斯达克指数下跌了 1.69%。他指出，投资者从投机性的人工智能投资转向了更具防御性的行业，如食品和药品。尽管市场出现调整，克莱默对人工智能的长期潜力依然持乐观态度，建议投资者持有人工智能股票以获取内在价值。市场要求关注可持续增长，而非投机泡沫</p>

<p>Jim Cramer, host of CNBC’s “Mad Money,” delivered a stark assessment of the market’s recent performance, declaring it an “ugly day if you own nothing but AI companies.” This pointed commentary, delivered on his program, highlighted a significant downturn in the tech-heavy Nasdaq, a stark contrast to a “normal, decent day if you own anything else.” Cramer’s analysis, aimed at a broad investor base but resonating deeply with tech insiders, founders, and venture capitalists, underscored a palpable shift in market sentiment away from the previously unbridled enthusiasm for artificial intelligence stocks.</p>
<div class="lb-trans"><p>CNBC《疯狂金钱》主持人吉姆·克莱默对市场近期表现进行了严厉评估，称如果你只拥有人工智能公司，那就是一个 “糟糕的日子”。这一尖锐的评论在他的节目中提出，突显了以科技为主的纳斯达克的显著下跌，与 “如果你拥有其他任何东西，那就是一个正常、体面的日子” 形成鲜明对比。克莱默的分析面向广泛的投资者群体，但对科技内部人士、创始人和风险投资家产生了深刻共鸣，强调了市场情绪从之前对人工智能股票的无拘无束的热情转向的明显变化。</p>
</div><p>Cramer spoke with his audience on “Mad Money” about the pronounced market downturn affecting AI stocks and the underlying reasons for this sudden shift. He posited that the market was experiencing “the revenge of the plain vanilla companies that got left by the wayside as the high-flying, soaring AI stocks moved into the stratosphere via parabolic.” This observation suggests a critical insight for the startup ecosystem: while innovation drives long-term value, market cycles and investor behavior can lead to sharp, often painful, corrections when valuations outpace tangible, immediate returns or when alternative, less speculative investments begin to look more attractive. The parabolic rise of AI stocks, fueled by speculative fervor and a belief in their transformative power, has seemingly reached an inflection point where gravity is reasserting itself.</p>
<div class="lb-trans"><p>克莱默在《疯狂金钱》中与观众讨论了影响人工智能股票的明显市场下跌及其背后的原因。他认为市场正在经历 “被抛在一边的普通公司复仇，因为高飞的、飙升的人工智能股票通过抛物线进入了天际”。这一观察为初创企业生态系统提供了重要见解：尽管创新推动长期价值，但市场周期和投资者行为可能导致估值超过有形、即时回报时的急剧、往往痛苦的修正，或者当替代的、风险较小的投资开始看起来更具吸引力时。人工智能股票的抛物线式上涨，受到投机热情和对其变革力量的信念的推动，似乎已达到一个拐点，重力正在重新发挥作用。</p>
</div><p>The numbers presented a grim picture for AI-centric portfolios. The Dow Industrials dipped 245.96 points, a 0.51% decline, while the S&amp;P 500 plunged 73.59 points, or 1.07%. Most significantly, the Nasdaq Composite, heavily weighted with technology and AI companies, shed 398.69 points, a substantial 1.69% drop. This broad-based decline was exemplified by companies like Broadcom, whose stock “collapsed” by 11.43% after what Cramer described as a “good but poorly received quarter.” Such a sharp reaction to a seemingly positive earnings report indicates that the market’s bar for AI companies has been set incredibly high, demanding not just growth, but extraordinary, almost impossible, levels of performance to justify their elevated valuations.</p>
<div class="lb-trans"><p>数据显示，人工智能相关投资组合的前景黯淡。道琼斯工业平均指数下跌 245.96 点，跌幅为 0.51%；标准普尔 500 指数暴跌 73.59 点，跌幅为 1.07%。最显著的是，重科技和人工智能公司的纳斯达克综合指数下跌 398.69 点，跌幅高达 1.69%。这种广泛的下跌以博通等公司为例，其股票在克莱默所称的 “表现良好但反响不佳的季度” 后 “崩溃” 了 11.43%。如此剧烈的反应表明，市场对人工智能公司的要求极高，不仅要求增长，还要求几乎不可能的卓越表现，以证明其高估值的合理性。</p>
</div><p>Cramer did not mince words, stating, “I think we now have a true rout in the AI data center stocks.” This pronouncement carries significant weight for founders and VCs operating in the AI infrastructure space. The data center sector, a foundational pillar of the AI revolution, has been a primary beneficiary of the AI boom, with companies like Nvidia seeing unprecedented demand for their high-performance GPUs. A “rout” in this core segment signals that investors are scrutinizing the sustainability of this demand and the capital expenditure required to meet it. The market is beginning to differentiate between genuine, sustainable growth and speculative bubbles, forcing a re-evaluation of investment theses across the AI value chain.</p>
<div class="lb-trans"><p>克莱默直言不讳地表示：“我认为我们现在在人工智能数据中心股票中真正经历了一场大屠杀。” 这一声明对在人工智能基础设施领域运营的创始人和风险投资家具有重要意义。数据中心行业是人工智能革命的基础支柱，已成为人工智能繁荣的主要受益者，像英伟达这样的公司见证了对其高性能 GPU 的前所未有的需求。在这一核心领域的 “屠杀” 表明，投资者正在审视这种需求的可持续性以及满足这种需求所需的资本支出。市场开始区分真正的、可持续的增长与投机泡沫，迫使对人工智能价值链的投资理论进行重新评估。</p>
</div><p>The abruptness of the rotation is striking. Investors are moving from red-hot sectors into “cold ones like the foods or the drugs,” where even the “worst food stock outperforms the best AI play.” This capital reallocation underscores a shift towards more defensive, value-oriented investments, a stark reminder that market sentiment can pivot swiftly and decisively. For founders, this means a potentially tighter funding environment and increased pressure to demonstrate clear paths to profitability and robust unit economics, rather than solely focusing on user growth or technological breakthroughs.</p>
<div class="lb-trans"><p>这种轮换的突然性令人震惊。投资者正在从炙手可热的行业转向 “像食品或药品这样的冷门行业”，甚至 “最糟糕的食品股票的表现超过了最好的人工智能股票”。这种资本重新配置突显了向更具防御性、价值导向投资的转变，清楚地提醒我们市场情绪可以迅速而果断地转变。对于创始人来说，这意味着可能面临更紧张的融资环境，以及在展示清晰的盈利路径和稳健的单位经济学方面的压力，而不仅仅是关注用户增长或技术突破。</p>
</div><p>Despite the immediate market pain, Cramer maintained a long-term bullish stance on the underlying technology. “No matter what, I still believe in AI as the Fourth Industrial Revolution,” he affirmed. This conviction is a crucial insight for the AI community. While the financial markets may experience volatility and corrections, the fundamental belief in AI’s transformative potential for industries, economies, and society at large remains strong among thought leaders. This dichotomy between short-term market fluctuations and long-term technological vision is a constant challenge for those building and funding AI ventures. The current market action, while unsettling, does not negate the profound impact AI is poised to have.</p>
<div class="lb-trans"><p>尽管市场面临短期痛苦，克莱默对基础技术仍持长期看涨态度。他坚定地表示：“无论如何，我仍然相信人工智能是第四次工业革命。” 这一信念对人工智能社区至关重要。尽管金融市场可能经历波动和修正，但对人工智能在行业、经济和社会整体上变革潜力的根本信念在思想领袖中依然强烈。这种短期市场波动与长期技术愿景之间的二元性是那些构建和资助人工智能企业的人的持续挑战。当前的市场行动虽然令人不安，但并不否定人工智能即将产生的深远影响。</p>
</div><p>His advice for investors holding AI stocks, particularly those in the spotlight like Nvidia, remained consistent: “own it, don’t trade it.” He reiterated that he is “not changing my tune,” suggesting that for those with a long-term horizon, these companies still represent valuable assets. Cramer believes that “most of these stocks will be worth buying once their valuations come down to less lofty levels.” This perspective offers a strategic roadmap for VCs and institutional investors: patience and a focus on intrinsic value will be paramount. The current correction could present opportunities for strategic acquisitions or for patient investors to enter positions at more reasonable price points, provided they believe in the long-term fundamentals of the underlying AI technologies and companies. The market is effectively demanding a re-calibration, shifting from a momentum-driven narrative to one more grounded in fundamental analysis and sustainable growth prospects.</p>
<div class="lb-trans"><p>他对持有人工智能股票的投资者，特别是像英伟达这样的焦点公司，的建议始终如一：“拥有它，而不是交易它。” 他重申自己 “没有改变立场”，这表明对于那些有长期视野的投资者来说，这些公司仍然代表着有价值的资产。克莱默认为 “这些股票一旦估值降至不那么高的水平，就值得购买”。这一观点为风险投资家和机构投资者提供了战略路线图：耐心和关注内在价值将是至关重要的。当前的修正可能为战略收购或耐心投资者以更合理的价格进入提供机会，前提是他们相信基础人工智能技术和公司的长期基本面。市场实际上在要求重新校准，从以动量驱动的叙事转向更扎根于基本分析和可持续增长前景的叙事。</p>
</div>

AI Stocks Hit the Brakes as Market Rotates Away from Hyper-Growth

- Jim Cramer 指出 AI 股票市场出现显著下跌，Nasdaq 下滑 1.69%。  
- 投资者开始关注传统公司，市场情绪发生转变。  
- Cramer 认为 AI 技术长期前景依然看好，建议投资者耐心持有。

随着市场从超高速增长转向，AI 股票增速放缓