<p>周五对人工智能股票来说又是一个残酷的日子。博通的股价暴跌超过 11%，拖累了英伟达、超微和甲骨文。尽管科技公司发布的财报本应推动股价飙升，但主要指数仍然收低。公司业绩与市场反应之间的脱节实在令人震惊。</p>
<p>这次抛售让人感到困惑的原因在于，博通的财报远超预期。他们对当前季度的指引也远高于分析师的预测。从各项可衡量的标准来看，该公司确实提供了投资者所期望的结果。然而，股价依然崩溃，整个人工智能行业也随之下跌。</p>
<h3><strong>那些不够好的财报</strong></h3>
<p>博通公布的业绩本应让投资者感到兴奋。收入增长加速，人工智能收入持续攀升，管理层上调了年度展望。覆盖该股票的分析师无法理解人们对公司的更多期望。</p>
<p>Bernstein 的分析师 Stacy Rasgon 将博通评级为买入，他表示不确定还有什么人会想要。公司的人工智能业务持续超出预期，增长率实际上在加速而不是放缓。这些是目前科技估值中最重要的指标。</p>
<p>但投资者却关注于较低的利润率和未来交易的不确定性，而不是庆祝巨大的收入超出预期。市场基本上决定了，在每个人都对人工智能泡沫感到紧张时，好的消息并不够好。任何暗示增长可能不会永远持续的迹象都会引发恐慌性抛售，无论当前表现如何。</p>
<h3><strong>科技遗忘的一周</strong></h3>
<p>由于金融股表现良好，道琼斯工业平均指数本周实际上上涨了 1.1%。但以科技股为主的纳斯达克综合指数下跌了 1.6%，而更广泛的标准普尔 500 指数下跌了 0.6%。尽管其他行业表现强劲，科技股却单独拖累了主要指数。</p>
<p>这次抛售发生在本周早些时候创下的历史高点之后。市场在周四达到了历史最高点，随后在周五博通公布的财报本应推动股价更高时立即反转。从历史高点到 24 小时内显著损失的剧烈波动显示出投资者情绪在人工智能股票周围变得多么不稳定。</p>
<p>尽管与财报无关，英伟达、超微和甲骨文的股价仍因博通的下跌而下滑。这种传染效应揭示了人工智能股票交易的相互关联性。当一个主要参与者下跌时，其他所有股票都会自动跟随，因为算法和动量交易者纷纷加入。</p>
<h3><strong>驱动一切的泡沫恐惧</strong></h3>
<p>投资者对人工智能泡沫的形成感到真正的恐慌。该行业的涨幅如此之大，以至于任何疲软的迹象都会引发大规模抛售。人们记得之前的科技泡沫，不想在音乐停止时持有股票，因此他们更倾向于寻找抛售的理由，而不是买入的理由。</p>
<p>关于人工智能的叙述从 “这将改变一切” 迅速转变为 “也许这被过度炒作了”。尽管公司仍在交付强劲的业绩和增长，但怀疑情绪正在渗入分析师报告和投资者对话中。一旦怀疑开始蔓延，它会自我滋生，无论基本面如何。</p>
<p>瑞银的策略师们仍然保持乐观，预计人工智能主题将在 2026 年前推动强劲表现。他们指出高盈利能力和在多个科技领域的加速影响。但当短期交易者恐慌并无差别地按下卖出按钮时，长期的看涨观点并没有太大帮助。</p>
<h3><strong>接下来会发生什么</strong></h3>
<p>短期内看起来波动不定，直到某些具体的事情能安抚紧张的投资者。分析师特别提到甲骨文实现正现金流是可以平息恐惧的里程碑类型。投资者需要证明人工智能投资正在产生实际利润，而不仅仅是收入增长和对未来潜力的承诺。</p>
<p>根据大多数专业分析师的观点，未来前景仍然强劲。能源转型、人工智能发展和数据中心建设都需要大量的科技投资，这些投资应支持持续增长。尽管情绪急剧恶化，但支撑科技股的基本面并没有改变。</p>
<p>但在恐慌性抛售期间，基本面并不重要。市场可以在你保持偿付能力之前保持非理性，正如老话所说。最近在高点买入的科技投资者现在处于亏损状态，尽管公司发布了创纪录的收益。这就是在泡沫恐惧时期交易的现实，当心理因素压倒逻辑时。</p>
<p>问题不在于人工智能公司是否表现良好。它们显然表现良好。问题在于投资者是否相信这些估值是可持续的，或者我们是否正在见证一个更大修正的开始，这可能会在情绪再次稳定之前将科技股大幅拉低。</p>

<p>尽管财报表现积极，人工智能股票仍然大幅下跌，博通的股价下跌超过 11%，影响了英伟达、AMD 和甲骨文。尽管收入增长强劲且前景上调，投资者却关注利润率下降和人工智能泡沫的担忧，导致恐慌性抛售。主要指数下跌，科技股拖累表现，尽管其他行业表现良好。分析师对人工智能的长期前景保持乐观，但由于投资者的怀疑和对高估值的恐惧，短期内波动性依然存在</p>

<p>Friday turned into another brutal day for artificial intelligence stocks. Broadcom shares tanked over 11 percent, dragging down Nvidia, Advanced Micro Devices, and Oracle with it. Major indexes closed lower despite tech companies posting earnings that should have sent stocks soaring. The disconnect between company performance and market reaction is honestly kind of wild.</p>
<div class="lb-trans"><p>周五对人工智能股票来说又是一个残酷的日子。博通的股价暴跌超过 11%，拖累了英伟达、超微和甲骨文。尽管科技公司发布的财报本应推动股价飙升，但主要指数仍然收低。公司业绩与市场反应之间的脱节实在令人震惊。</p>
</div><p>Here’s what makes this selloff so confusing. Broadcom’s earnings crushed expectations. Their guidance for the current quarter also came in way above what analysts predicted. By every measurable standard, the company delivered exactly what investors claim they want to see. Yet the stock crashed anyway, taking the entire AI sector down with it.</p>
<div class="lb-trans"><p>这次抛售让人感到困惑的原因在于，博通的财报远超预期。他们对当前季度的指引也远高于分析师的预测。从各项可衡量的标准来看，该公司确实提供了投资者所期望的结果。然而，股价依然崩溃，整个人工智能行业也随之下跌。</p>
</div><h3><strong>The earnings that weren’t good enough</strong></h3>
<div class="lb-trans"><h3><strong>那些不够好的财报</strong></h3>
</div><p>Broadcom reported results that should have thrilled investors. Revenue growth accelerated, AI revenue continues climbing, and management raised their outlook for the year. Analysts covering the stock couldn’t figure out what more people wanted from the company.</p>
<div class="lb-trans"><p>博通公布的业绩本应让投资者感到兴奋。收入增长加速，人工智能收入持续攀升，管理层上调了年度展望。覆盖该股票的分析师无法理解人们对公司的更多期望。</p>
</div><p>Bernstein analyst Stacy Rasgon, who rates Broadcom as a buy, wrote that he wasn’t sure what else anyone could desire. The company’s AI business keeps overdelivering and the growth rate is actually accelerating rather than slowing down. Those are the metrics that matter most for tech valuations right now.</p>
<div class="lb-trans"><p>Bernstein 的分析师 Stacy Rasgon 将博通评级为买入，他表示不确定还有什么人会想要。公司的人工智能业务持续超出预期，增长率实际上在加速而不是放缓。这些是目前科技估值中最重要的指标。</p>
</div><p>But investors fixated on lower profit margins and uncertainty around future deals instead of celebrating the massive revenue beat. The market basically decided that good news wasn’t good enough when everyone’s nervous about an AI bubble. Any hint that growth might not continue forever triggers panic selling regardless of current performance.</p>
<div class="lb-trans"><p>但投资者却关注于较低的利润率和未来交易的不确定性，而不是庆祝巨大的收入超出预期。市场基本上决定了，在每个人都对人工智能泡沫感到紧张时，好的消息并不够好。任何暗示增长可能不会永远持续的迹象都会引发恐慌性抛售，无论当前表现如何。</p>
</div><h3><strong>The week tech forgot</strong></h3>
<div class="lb-trans"><h3><strong>科技遗忘的一周</strong></h3>
</div><p>The Dow Jones Industrial Average actually rose 1.1 percent for the week thanks to financial stocks performing well. But the tech-heavy Nasdaq Composite dropped 1.6 percent while the broader S&amp;P 500 fell 0.6 percent. Technology names single-handedly dragged down major indexes despite strength in other sectors.</p>
<div class="lb-trans"><p>由于金融股表现良好，道琼斯工业平均指数本周实际上上涨了 1.1%。但以科技股为主的纳斯达克综合指数下跌了 1.6%，而更广泛的标准普尔 500 指数下跌了 0.6%。尽管其他行业表现强劲，科技股却单独拖累了主要指数。</p>
</div><p>This selloff followed record highs earlier in the week. Markets hit all-time peaks Thursday, then immediately reversed Friday when Broadcom reported earnings that should have pushed stocks even higher. The whiplash from record highs to significant losses within 24 hours shows how unstable investor sentiment has become around AI stocks.</p>
<div class="lb-trans"><p>这次抛售发生在本周早些时候创下的历史高点之后。市场在周四达到了历史最高点，随后在周五博通公布的财报本应推动股价更高时立即反转。从历史高点到 24 小时内显著损失的剧烈波动显示出投资者情绪在人工智能股票周围变得多么不稳定。</p>
</div><p>Nvidia, AMD, and Oracle all fell in sympathy with Broadcom despite having nothing to do with the earnings report. This contagion effect reveals how interconnected AI stock trading has become. When one major player drops, everything else follows automatically as algorithms and momentum traders pile on.</p>
<div class="lb-trans"><p>尽管与财报无关，英伟达、超微和甲骨文的股价仍因博通的下跌而下滑。这种传染效应揭示了人工智能股票交易的相互关联性。当一个主要参与者下跌时，其他所有股票都会自动跟随，因为算法和动量交易者纷纷加入。</p>
</div><h3><strong>The bubble fears driving everything</strong></h3>
<div class="lb-trans"><h3><strong>驱动一切的泡沫恐惧</strong></h3>
</div><p>Investors are genuinely spooked about an AI bubble forming. The sector has run up so dramatically that any sign of weakness triggers massive selling. People remember previous tech bubbles and don’t want to hold stocks when the music stops, so they’re looking for reasons to sell rather than reasons to buy.</p>
<div class="lb-trans"><p>投资者对人工智能泡沫的形成感到真正的恐慌。该行业的涨幅如此之大，以至于任何疲软的迹象都会引发大规模抛售。人们记得之前的科技泡沫，不想在音乐停止时持有股票，因此他们更倾向于寻找抛售的理由，而不是买入的理由。</p>
</div><p>The narrative around AI has shifted from “this will change everything” to “maybe this is overhyped” remarkably quickly. Companies are still delivering strong results and growth, but skepticism is creeping into analyst reports and investor conversations. Once doubt starts spreading, it feeds on itself regardless of underlying fundamentals.</p>
<div class="lb-trans"><p>关于人工智能的叙述从 “这将改变一切” 迅速转变为 “也许这被过度炒作了”。尽管公司仍在交付强劲的业绩和增长，但怀疑情绪正在渗入分析师报告和投资者对话中。一旦怀疑开始蔓延，它会自我滋生，无论基本面如何。</p>
</div><p>UBS strategists remain optimistic, expecting AI themes to drive strong performance through 2026. They point to high profitability and accelerating impact across multiple technology sectors. But long-term bullish views don’t help much when short-term traders are panicking and hitting sell buttons indiscriminately.</p>
<div class="lb-trans"><p>瑞银的策略师们仍然保持乐观，预计人工智能主题将在 2026 年前推动强劲表现。他们指出高盈利能力和在多个科技领域的加速影响。但当短期交易者恐慌并无差别地按下卖出按钮时，长期的看涨观点并没有太大帮助。</p>
</div><h3><strong>What happens next</strong></h3>
<div class="lb-trans"><h3><strong>接下来会发生什么</strong></h3>
</div><p>The near term looks volatile until something concrete reassures jittery investors. Analysts specifically mentioned Oracle achieving positive cash flow as the type of milestone that could calm fears. Investors need proof that AI investments are generating actual profits, not just revenue growth and promises about future potential.</p>
<div class="lb-trans"><p>短期内看起来波动不定，直到某些具体的事情能安抚紧张的投资者。分析师特别提到甲骨文实现正现金流是可以平息恐惧的里程碑类型。投资者需要证明人工智能投资正在产生实际利润，而不仅仅是收入增长和对未来潜力的承诺。</p>
</div><p>Future prospects still look strong according to most professional analysts. The energy transition, AI development, and data center buildouts all require massive technology investments that should support continued growth. The fundamentals supporting tech stocks haven’t changed, even though sentiment has soured dramatically.</p>
<div class="lb-trans"><p>根据大多数专业分析师的观点，未来前景仍然强劲。能源转型、人工智能发展和数据中心建设都需要大量的科技投资，这些投资应支持持续增长。尽管情绪急剧恶化，但支撑科技股的基本面并没有改变。</p>
</div><p>But fundamentals don’t matter much during panic selling. Markets can stay irrational longer than you can stay solvent, as the old saying goes. Tech investors who bought at recent highs are now underwater despite companies posting record earnings. That’s the reality of trading during bubble fear episodes when psychology overwhelms logic.</p>
<div class="lb-trans"><p>但在恐慌性抛售期间，基本面并不重要。市场可以在你保持偿付能力之前保持非理性，正如老话所说。最近在高点买入的科技投资者现在处于亏损状态，尽管公司发布了创纪录的收益。这就是在泡沫恐惧时期交易的现实，当心理因素压倒逻辑时。</p>
</div><p>The question isn’t whether AI companies are performing well. They clearly are. The question is whether investors believe the valuations are sustainable or whether we’re witnessing the beginning of a larger correction that could drag tech stocks significantly lower before sentiment stabilizes again.</p>
<div class="lb-trans"><p>问题不在于人工智能公司是否表现良好。它们显然表现良好。问题在于投资者是否相信这些估值是可持续的，或者我们是否正在见证一个更大修正的开始，这可能会在情绪再次稳定之前将科技股大幅拉低。</p>
</div>

Why AI stocks crashed despite beating forecasts

- 人工智能股票遭遇重挫，Broadcom 股价暴跌 11%。
- 尽管公司业绩超出预期，市场反应却异常冷淡，投资者对未来增长感到不安。
- 短期内市场波动加剧，投资者需寻找实际盈利的证据以恢复信心。

为什么人工智能股票尽管超出预期仍然暴跌