<p>作者：Joseph Adinolfi 和 Emily Bary</p>
<p>这一令人困惑的股票走势引发了投资界的猜测</p>
<p>周五，印孚瑟斯的股票在成交量激增的情况下大幅上涨。</p>
<p>这是一桩股市谜案。</p>
<p>在 2025 年美国最后一个完整交易周的一个平静周五，印孚瑟斯（INFY）在美国交易的美国存托凭证（ADR）在极高的成交量下飙升了多达 56%，导致多次交易暂停。这家市值 780 亿美元的印度信息技术公司引发了市场的关注。</p>
<p>这一波动的幅度，以及它没有蔓延到其他大型印度科技公司的股票，使一些投资者感到困惑。晨星分析师 Luke Yang 告诉 MarketWatch，周五的 ADR 激增似乎与印孚瑟斯的业务基本面无关，因为这与该公司在印度上市的股票（IN:500209）相对平静的走势形成了对比。</p>
<p>“我认为这只股票的异常波动归因于市场投机活动，可能与期权市场有关，” 他在电子邮件评论中表示。</p>
<p>但两位华尔街股票交易台的交易员告诉 MarketWatch，实际上事情并不止于此。他们表示，这一大幅波动是由于一次巨大的空头挤压，因为一位经纪人不得不急于寻找印孚瑟斯 ADR 的股票。</p>
<p>其中一位交易员解释说，他们认为发生的情况是，一位客户找他们的经纪人购买印孚瑟斯的股票，但要求以印孚瑟斯 ADR 的形式交付，而不是在印度市场交易的普通股票。</p>
<p>经纪人同意了，但手头只有普通的印孚瑟斯股票。无论出于何种原因，当交付时间到来时，经纪人在将普通股票转换为 ADR 时遇到了麻烦，结果不得不急于寻找借入股票，导致他们在股票飙升时承担了巨额溢价。</p>
<p>这一激增吸引了其他投资者，他们要么试图逆势而行——即押注股票下跌——要么希望继续推动这一涨势。</p>
<p>“一旦有人处于不利地位，并且你在市场上制造了所有这些人为的买入，那么你就会开始看到各种情况发生，” 一位交易员告诉 MarketWatch。</p>
<p>在交易时段进行到一半时，周五印孚瑟斯 ADR 的成交量约为 8200 万股，已经是十多年来的最高水平，而交易时段仍有几个小时。通常情况下，这只股票每天的交易量约为 1000 万股，一位交易员告诉 MarketWatch。</p>
<p>在周五的最高点，印孚瑟斯的股票触及 30 美元，创下新的全天最高点，并且是该股有史以来最大的一天内价格涨幅，根据道琼斯市场数据。此后，股票有所回落，最近上涨了 5.7%。</p>
<p>印孚瑟斯的发言人没有立即回应 MarketWatch 关于周五走势的评论请求。</p>
<p>印孚瑟斯股票的剧烈波动发生在该公司今年面临挑战的背景下，2025 年股价下跌了 4%。这家提供外包和咨询服务的信息技术公司根据 Guggenheim 本周早些时候的报告，难以推动其产品的可自由支配的新需求。</p>
<p>与美国的 IT 和咨询公司一样，印孚瑟斯也不得不应对相对谨慎的支出环境，但他们寄希望于客户将节省的成本投资于新项目，从而带来新的商业机会。</p>
<p>印孚瑟斯还受到特朗普总统对美国签证政策变化的担忧，这些变化包括对外包劳动力的更高门槛。“这一政策标志着技术和外包劳动力市场的立即和重大转变，因为在大多数情况下，10 万美元的费用使得通过 H-1B 流程进行人员配置变得不经济，” William Blair 的 Maggie Nolan 在九月份写道，并指出印孚瑟斯是她所覆盖的对 H-1B 签证暴露最严重的股票之一。</p>
<p>其他因素可能也导致了周五的波动。一位与 MarketWatch 交谈的交易员表示，周五是一个主要的期权到期日，这可能加剧了波动性。</p>
<p>-Joseph Adinolfi -Emily Bary</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>2025 年 12 月 19 日 1312ET</p>

印孚瑟斯技术

<p>印孚瑟斯的股票在周五飙升了 56%，由于涉及 ADR 的大规模空头挤压，导致交易暂停。此次涨幅与业务基本面无关，而是受到市场投机和期权到期的驱动。该股票达到了历史最高点后有所回落，最终上涨了 5.7%。印孚瑟斯面临美国签证政策变化和 IT 行业谨慎支出的挑战</p>

<p>By Joseph Adinolfi and Emily Bary</p>
<div class="lb-trans"><p>作者：Joseph Adinolfi 和 Emily Bary</p>
</div><p>The confounding stock move set off speculation in the investment community</p>
<div class="lb-trans"><p>这一令人困惑的股票走势引发了投资界的猜测</p>
</div><p>Infosys shares surged Friday on heavy volume.</p>
<div class="lb-trans"><p>周五，印孚瑟斯的股票在成交量激增的情况下大幅上涨。</p>
</div><p>It was a stock-market mystery.</p>
<div class="lb-trans"><p>这是一桩股市谜案。</p>
</div><p>On an otherwise quiet Friday at the end of the final full week of trading in the U.S. for 2025, U.S.-traded American depositary receipts of Infosys (INFY), a $78 billion Indian information-technology company, spiked as much as 56% on extreme volume that forced multiple trading halts.</p>
<div class="lb-trans"><p>在 2025 年美国最后一个完整交易周的一个平静周五，印孚瑟斯（INFY）在美国交易的美国存托凭证（ADR）在极高的成交量下飙升了多达 56%，导致多次交易暂停。这家市值 780 亿美元的印度信息技术公司引发了市场的关注。</p>
</div><p>The magnitude of the move, along with the fact that it didn't spread to shares of other large Indian tech firms, left some investors scratching their heads. Morningstar analyst Luke Yang told MarketWatch that Friday's ADR surge didn't seem related to Infosys's business fundamentals, as it contrasted with a more muted move in the company's India-listed shares (IN:500209).</p>
<div class="lb-trans"><p>这一波动的幅度，以及它没有蔓延到其他大型印度科技公司的股票，使一些投资者感到困惑。晨星分析师 Luke Yang 告诉 MarketWatch，周五的 ADR 激增似乎与印孚瑟斯的业务基本面无关，因为这与该公司在印度上市的股票（IN:500209）相对平静的走势形成了对比。</p>
</div><p>&#34;I would attribute the stock's abnormal move to market-speculation activities, potentially related to the options market,&#34; he said in emailed comments.</p>
<div class="lb-trans"><p>“我认为这只股票的异常波动归因于市场投机活动，可能与期权市场有关，” 他在电子邮件评论中表示。</p>
</div><p>But traders on two Wall Street equity-trading desks told MarketWatch that there was, in fact, more to the story. The big swing was the result of a massive short squeeze, they said, as a broker was left scrambling for shares of the Infosys ADRs.</p>
<div class="lb-trans"><p>但两位华尔街股票交易台的交易员告诉 MarketWatch，实际上事情并不止于此。他们表示，这一大幅波动是由于一次巨大的空头挤压，因为一位经纪人不得不急于寻找印孚瑟斯 ADR 的股票。</p>
</div><p>What they believe happened, one of the traders explained, was that a customer went to their broker to buy shares of Infosys, but asked to take delivery in Infosys ADRs, as opposed to the ordinary shares that trade on the Indian market.</p>
<div class="lb-trans"><p>其中一位交易员解释说，他们认为发生的情况是，一位客户找他们的经纪人购买印孚瑟斯的股票，但要求以印孚瑟斯 ADR 的形式交付，而不是在印度市场交易的普通股票。</p>
</div><p>The broker agreed, but only had ordinary Infosys shares on hand. For whatever reason, when the time came to make delivery, the broker had trouble converting the ordinary shares to ADRs, and was left scrambling to source a borrow, leaving them on the hook for the massive premium as the shares rocketed higher.</p>
<div class="lb-trans"><p>经纪人同意了，但手头只有普通的印孚瑟斯股票。无论出于何种原因，当交付时间到来时，经纪人在将普通股票转换为 ADR 时遇到了麻烦，结果不得不急于寻找借入股票，导致他们在股票飙升时承担了巨额溢价。</p>
</div><p>The surge drew in other investors looking to either fade the move - that is, betting on the stock to fall - or keep the rally going.</p>
<div class="lb-trans"><p>这一激增吸引了其他投资者，他们要么试图逆势而行——即押注股票下跌——要么希望继续推动这一涨势。</p>
</div><p>&#34;Once someone is offsides, and you create all of this artificial buying in the tape, then you start to see all kinds of stuff going on,&#34; one trader told MarketWatch.</p>
<div class="lb-trans"><p>“一旦有人处于不利地位，并且你在市场上制造了所有这些人为的买入，那么你就会开始看到各种情况发生，” 一位交易员告诉 MarketWatch。</p>
</div><p>About halfway through the trading session, Friday volume for Infosys ADRs was about 82 million shares, already the highest in more than a decade, and with hours still left in the trading session. The stock typically trades about 10 million shares a day, one trader told MarketWatch.</p>
<div class="lb-trans"><p>在交易时段进行到一半时，周五印孚瑟斯 ADR 的成交量约为 8200 万股，已经是十多年来的最高水平，而交易时段仍有几个小时。通常情况下，这只股票每天的交易量约为 1000 万股，一位交易员告诉 MarketWatch。</p>
</div><p>At peak levels Friday, Infosys shares touched $30, a new all-time intraday high and enough for the stock's largest one-day intraday price gain on record, according to Dow Jones Market Data. Shares have since calmed somewhat, recently changing hands up 5.7%.</p>
<div class="lb-trans"><p>在周五的最高点，印孚瑟斯的股票触及 30 美元，创下新的全天最高点，并且是该股有史以来最大的一天内价格涨幅，根据道琼斯市场数据。此后，股票有所回落，最近上涨了 5.7%。</p>
</div><p>An Infosys spokesperson didn't immediately respond to a MarketWatch request for comment about Friday's move.</p>
<div class="lb-trans"><p>印孚瑟斯的发言人没有立即回应 MarketWatch 关于周五走势的评论请求。</p>
</div><p>The wild spike in Infosys shares came as they've otherwise been challenged this year, falling 4% over the course of 2025. The information-technology company, which sells outsourcing and consulting services, has struggled to drive discretionary new demand for its products, according to a Guggenheim report from earlier in the week.</p>
<div class="lb-trans"><p>印孚瑟斯股票的剧烈波动发生在该公司今年面临挑战的背景下，2025 年股价下跌了 4%。这家提供外包和咨询服务的信息技术公司根据 Guggenheim 本周早些时候的报告，难以推动其产品的可自由支配的新需求。</p>
</div><p>Like U.S.-based IT and consulting companies, Infosys has had to deal with a somewhat cautious spending landscape, but is banking on new business opportunities as customers take their cost savings and invest them in new initiatives.</p>
<div class="lb-trans"><p>与美国的 IT 和咨询公司一样，印孚瑟斯也不得不应对相对谨慎的支出环境，但他们寄希望于客户将节省的成本投资于新项目，从而带来新的商业机会。</p>
</div><p>Infosys has also been caught up in worries about President Donald Trump's changes to U.S. visa programs, which include higher hurdles for outsourced labor. &#34;The policy signals an immediate and significant shift in the technology and outsourcing labor markets as the $100,000 fee, in most cases, makes staffing through the H-1B process uneconomical,&#34; William Blair's Maggie Nolan wrote in September, flagging Infosys as one of the stocks she covered that had among the most exposure to H-1B visas.</p>
<div class="lb-trans"><p>印孚瑟斯还受到特朗普总统对美国签证政策变化的担忧，这些变化包括对外包劳动力的更高门槛。“这一政策标志着技术和外包劳动力市场的立即和重大转变，因为在大多数情况下，10 万美元的费用使得通过 H-1B 流程进行人员配置变得不经济，” William Blair 的 Maggie Nolan 在九月份写道，并指出印孚瑟斯是她所覆盖的对 H-1B 签证暴露最严重的股票之一。</p>
</div><p>Other factors may have contributed to Friday's swing. One of the traders who spoke with MarketWatch said the fact that Friday was a major options expiration could have exacerbated the volatility.</p>
<div class="lb-trans"><p>其他因素可能也导致了周五的波动。一位与 MarketWatch 交谈的交易员表示，周五是一个主要的期权到期日，这可能加剧了波动性。</p>
</div><p>-Joseph Adinolfi -Emily Bary</p>
<div class="lb-trans"><p>-Joseph Adinolfi -Emily Bary</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>12-19-25 1312ET</p>
<div class="lb-trans"><p>2025 年 12 月 19 日 1312ET</p>
</div>

印孚瑟斯技术的股票突然飙升 50%，随后回落。探究华尔街周五的重大谜团