<h3>美光引发人工智能资金流动的重置，标志着对人工智能周期的信心恢复</h3>
<p>美国股市在波动的一周结束时收高。虽然这一走势表面上看似是科技股反弹所驱动，但我们的观点认为这更具结构性：<strong>资本重新集中于人工智能基础设施资产</strong>，而不仅仅是简单的反弹。</p>
<p>这一走势的中心是 <strong>美光科技</strong>。强劲的前瞻指引缓解了对与人工智能相关的估值压力和融资限制的持续担忧。美光收盘创下历史新高，进一步巩固了市场对人工智能内存需求不是短期周期，而是结构性可见的增长驱动因素的看法。</p>
<p>从我们的角度来看，美光作为一个名字在 <strong>开盘到收盘期间吸引了持续的机构买入</strong>，这一模式指向的不是短期交易活动，而是 <strong>长期资本的头寸重建</strong>。</p>
<hr/>
<h2>英伟达与甲骨文：政策与结构事件带来的额外动能</h2>
<p>美光的上涨并非孤立发生。</p>
<p>英伟达受益于美国可能审查出口限制的报道，这可能允许其第二大最强人工智能芯片向中国发货。这一发展重新点燃了对英伟达在全球人工智能基础设施中中长期角色的信心，超越了短期收益的考虑。</p>
<p>甲骨文在字节跳动同意重组其在美国的 TikTok 业务控制权后也大幅上涨。这并不是被视为简单的并购头条，而是对 <strong>处于云计算和数据基础设施核心的公司的战略重新评级</strong>。</p>
<p></p>
<hr/>
<h2>科技股与消费股：资本流动的明显分歧</h2>
<p>本次会议最显著的特征不是哪些行业上涨，而是 <strong>哪些行业下跌</strong>。</p>
<p>耐克等面向消费者的公司因利润压力和来自中国的需求疲软而大幅下跌。这与广泛的经济恶化关系不大，更在于 <strong>资本流出可见度下降的周期性资产</strong>。</p>
<p>与此同时，公用事业和消费品也有所下滑。这并不是防御性轮换的信号，而是突显出 <strong>围绕人工智能和科技的选择性风险偏好</strong>，而不是广泛的风险偏好或风险规避的转变。</p>
<hr/>
<h2>三重魔法日：波动性作为清算机制</h2>
<p>周五恰逢 <strong>三重魔法日</strong>，即股票期权、指数期权和指数期货同时到期。这些交易日通常以交易量增加和短期价格扭曲为特征。</p>
<p>历史上，“三重魔法” 一词出现在 1980 年代初期，当时美国期权和期货市场扩张，为华尔街提供了一个名称，用于描述多个衍生品同时到期并加剧市场波动的日子。</p>
<p>然而，从我们的角度来看，这一到期周期发挥了 <strong>建设性作用</strong>。它并没有破坏市场，而是帮助清理不确定的头寸，使科技行业的资金流动重新稳定。这超越了简单的 “超卖反弹”，一旦脆弱的头寸被解除，剩余的资本转向了更具信心的资产。</p>
<hr/>
<h2>我们的日内概述</h2>
<h3>美光的上涨是由于吸收供应，而不仅仅是价格动能</h3>
<p>日内数据显示，美光在早期经历了波动，因为短期获利了结出现。动能指标减弱，价格回落，但 <strong>基础价格结构保持稳定</strong>。</p>
<p>在这一阶段，我们识别出 <strong>持续的大宗交易吸收卖方压力</strong>。这表明，随着短期交易者的退出，机构投资者在日内区间的低端积极建立头寸。</p>
<p>中午时段的 <strong>绿色资金流入区</strong> 标志着决定性的转折点。价格波动压缩，而净流入转为明显的正值。这是 <strong>吸收驱动的积累</strong> 的经典特征，而非激进的突破追逐。</p>
<p>即使在会话后期价格整合时，流动指标仍保持稳定。这进一步强化了美光的上涨不是由头条驱动的交易，而是 <strong>长期资本对该股票的承诺</strong> 的结果。</p>
<hr/>
<h2>美光与英伟达</h2>
<h3>相似的涨幅，截然不同的流动结构</h3>
<p></p>
<p>英伟达当天也上涨近 4%，但其流动性质与美光有显著不同。</p>
<p>英伟达的价格上涨伴随着动能和资金流入大致同步。这一模式与 <strong>在已有核心投资组合中进行附加购买</strong> 一致。流动反映了对现有敞口的强化，而非新的头寸。</p>
<p></p>
<p>相比之下，美光显示出更清晰的模式，即 <strong>流动在价格之前稳定和积累</strong>。虽然英伟达代表了对已嵌入的人工智能核心头寸的扩展，但美光似乎是人工智能周期中的 <strong>重新进入或重新加权候选</strong>。</p>
<p>在同一人工智能主题中，流动信号显示出区别：</p>
<p>英伟达仍然是核心资产，而美光正在转变为 <strong>重新积累阶段</strong>。</p>
<hr/>
<h2>不是反弹，而是重新配置</h2>
<p>关于圣诞老人反弹的季节性预期众所周知。然而，在这个市场中，更重要的是 <strong>资本的流动方向与利率预期的变化</strong>。</p>
<p>围绕美光的资金流动表明，人工智能不再仅仅被视为一个高波动性的交易主题，而是越来越被视为 <strong>投资组合不愿意排除的基础设施</strong>。</p>
<p>这次反弹提出了一个根本性的问题：</p>
<blockquote>
<p>人工智能仍然是一个过热的泡沫，还是一个结构上必不可少的资产类别？</p>
</blockquote>
<p>我们的资金流动正在用 “<strong>买入</strong>” 来回答这个问题。</p>
<p>我们认为美光的走势是更广泛的人工智能基础设施重新配置的起点。我们将继续跟踪这些转变，关注 <strong>在价格之前移动的资金动态</strong>，因为市场正在重塑其长期定位。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

<p>新闻突显了资本流向人工智能基础设施的结构性转变，美光、英伟达和甲骨文处于前沿。美光的强劲指引和机构买入信号显示出对人工智能内存需求的长期信心。英伟达受益于潜在的出口政策变化，而甲骨文则从 TikTok 的重组中获益。资本流向从消费股转向科技股的分歧凸显了选择性风险偏好。三重魔法日有助于市场稳定，美光的上涨是由于机构的积累，而非短期交易驱动</p>

<h3>Micron Sparks a Reset in AI Flows, A Signal of Renewed Confidence in the AI Cycle</h3>
<div class="lb-trans"><h3>美光引发人工智能资金流动的重置，标志着对人工智能周期的信心恢复</h3>
</div><p>U.S. equities closed higher at the end of a volatile week. While the move may appear, on the surface, to be driven by a rebound in technology stocks, our perspective suggests something more structural: <strong>a renewed concentration of capital into AI infrastructure assets</strong>, rather than a simple relief rally.</p>
<div class="lb-trans"><p>美国股市在波动的一周结束时收高。虽然这一走势表面上看似是科技股反弹所驱动，但我们的观点认为这更具结构性：<strong>资本重新集中于人工智能基础设施资产</strong>，而不仅仅是简单的反弹。</p>
</div><p>At the center of this move was <strong>Micron Technology</strong>. Strong forward guidance helped alleviate lingering concerns around AI-related valuation pressure and funding constraints. Micron closed at a record high, reinforcing the market's view that AI memory demand is not a short-term cycle, but a structurally visible growth driver.</p>
<div class="lb-trans"><p>这一走势的中心是 <strong>美光科技</strong>。强劲的前瞻指引缓解了对与人工智能相关的估值压力和融资限制的持续担忧。美光收盘创下历史新高，进一步巩固了市场对人工智能内存需求不是短期周期，而是结构性可见的增长驱动因素的看法。</p>
</div><p>From our standpoint, Micron stood out as a name that attracted <strong>consistent institutional buying from the open through the close</strong>. This pattern points not to short-term trading activity, but to <strong>position rebuilding by longer-term capital</strong>.</p>
<div class="lb-trans"><p>从我们的角度来看，美光作为一个名字在 <strong>开盘到收盘期间吸引了持续的机构买入</strong>，这一模式指向的不是短期交易活动，而是 <strong>长期资本的头寸重建</strong>。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Nvidia and Oracle: Additional Momentum from Policy and Structural Events</h2>
<div class="lb-trans"><h2>英伟达与甲骨文：政策与结构事件带来的额外动能</h2>
</div><p>Micron's rally did not occur in isolation.</p>
<div class="lb-trans"><p>美光的上涨并非孤立发生。</p>
</div><p>Nvidia benefited from reports that the U.S. may review export restrictions, potentially allowing shipments of its second-most powerful AI chip to China. This development reignited confidence in Nvidia's medium- to long-term role in global AI infrastructure, beyond near-term earnings considerations.</p>
<div class="lb-trans"><p>英伟达受益于美国可能审查出口限制的报道，这可能允许其第二大最强人工智能芯片向中国发货。这一发展重新点燃了对英伟达在全球人工智能基础设施中中长期角色的信心，超越了短期收益的考虑。</p>
</div><p>Oracle also surged after ByteDance agreed to restructure control of TikTok's U.S. operations. This was not viewed as a simple M&amp;A headline, but rather as a <strong>strategic re-rating of companies that sit at the core of cloud and data infrastructure</strong>.</p>
<div class="lb-trans"><p>甲骨文在字节跳动同意重组其在美国的 TikTok 业务控制权后也大幅上涨。这并不是被视为简单的并购头条，而是对 <strong>处于云计算和数据基础设施核心的公司的战略重新评级</strong>。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Technology vs. Consumer Stocks: A Clear Divergence in Capital Flows</h2>
<div class="lb-trans"><h2>科技股与消费股：资本流动的明显分歧</h2>
</div><p>One of the most telling features of the session was not which sectors rose, but <strong>which sectors fell</strong>.</p>
<div class="lb-trans"><p>本次会议最显著的特征不是哪些行业上涨，而是 <strong>哪些行业下跌</strong>。</p>
</div><p>Consumer-facing names such as Nike dropped sharply amid margin pressure and weaker demand from China. This was less about broad economic deterioration and more about <strong>capital exiting cyclical assets with declining visibility</strong>.</p>
<div class="lb-trans"><p>耐克等面向消费者的公司因利润压力和来自中国的需求疲软而大幅下跌。这与广泛的经济恶化关系不大，更在于 <strong>资本流出可见度下降的周期性资产</strong>。</p>
</div><p>At the same time, utilities and consumer staples also moved lower. Rather than signaling a defensive rotation, this divergence highlights a <strong>selective risk preference centered on AI and technology</strong>, not a broad-based risk-on or risk-off shift.</p>
<div class="lb-trans"><p>与此同时，公用事业和消费品也有所下滑。这并不是防御性轮换的信号，而是突显出 <strong>围绕人工智能和科技的选择性风险偏好</strong>，而不是广泛的风险偏好或风险规避的转变。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Triple Witching Day: Volatility as a Clearing Mechanism</h2>
<div class="lb-trans"><h2>三重魔法日：波动性作为清算机制</h2>
</div><p>Friday also coincided with <strong>triple witching day</strong>, when stock options, index options, and index futures expire simultaneously. These sessions are typically marked by elevated volume and short-term price distortions.</p>
<div class="lb-trans"><p>周五恰逢 <strong>三重魔法日</strong>，即股票期权、指数期权和指数期货同时到期。这些交易日通常以交易量增加和短期价格扭曲为特征。</p>
</div><p>Historically, the term &#34;triple witching&#34; emerged in the early 1980s as U.S. options and futures markets expanded, giving Wall Street a name for days when multiple derivatives expired at once and amplified market volatility.</p>
<div class="lb-trans"><p>历史上，“三重魔法” 一词出现在 1980 年代初期，当时美国期权和期货市场扩张，为华尔街提供了一个名称，用于描述多个衍生品同时到期并加剧市场波动的日子。</p>
</div><p>From our perspective, however, this expiration cycle played a <strong>constructive role</strong>. Rather than destabilizing the market, it helped clear uncertain positioning, allowing technology-sector flows to re-stabilize. This goes beyond a simple &#34;oversold bounce&#34; once fragile positions were unwound, remaining capital rotated toward assets with higher conviction.</p>
<div class="lb-trans"><p>然而，从我们的角度来看，这一到期周期发挥了 <strong>建设性作用</strong>。它并没有破坏市场，而是帮助清理不确定的头寸，使科技行业的资金流动重新稳定。这超越了简单的 “超卖反弹”，一旦脆弱的头寸被解除，剩余的资本转向了更具信心的资产。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Our Intraday Overview</h2>
<div class="lb-trans"><h2>我们的日内概述</h2>
</div><h3>Micron's Rally Was Driven by Absorbed Supply, Not Just Price Momentum</h3>
<div class="lb-trans"><h3>美光的上涨是由于吸收供应，而不仅仅是价格动能</h3>
</div><p>Intraday data shows that Micron experienced early volatility as short-term profit-taking emerged. Momentum indicators softened and prices pulled back, yet <strong>the underlying price structure held firm</strong>.</p>
<div class="lb-trans"><p>日内数据显示，美光在早期经历了波动，因为短期获利了结出现。动能指标减弱，价格回落，但 <strong>基础价格结构保持稳定</strong>。</p>
</div><p>During this phase, we identified <strong>persistent large-block transactions absorbing sell-side pressure</strong>. This suggests that as short-term traders exited, institutional investors were actively building positions near the lower end of the intraday range.</p>
<div class="lb-trans"><p>在这一阶段，我们识别出 <strong>持续的大宗交易吸收卖方压力</strong>。这表明，随着短期交易者的退出，机构投资者在日内区间的低端积极建立头寸。</p>
</div><p>The mid-session <strong>green Power Inflow zone</strong> marked the decisive turning point. Price volatility compressed while net inflows turned decisively positive. A classic signature of <strong>absorption-driven accumulation</strong>, not aggressive breakout chasing.</p>
<div class="lb-trans"><p>中午时段的 <strong>绿色资金流入区</strong> 标志着决定性的转折点。价格波动压缩，而净流入转为明显的正值。这是 <strong>吸收驱动的积累</strong> 的经典特征，而非激进的突破追逐。</p>
</div><p>Even as prices consolidated later in the session, flow indicators remained stable. This reinforces the view that Micron's advance was not a headline-driven trade, but the result of <strong>longer-horizon capital committing to the name</strong>.</p>
<div class="lb-trans"><p>即使在会话后期价格整合时，流动指标仍保持稳定。这进一步强化了美光的上涨不是由头条驱动的交易，而是 <strong>长期资本对该股票的承诺</strong> 的结果。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Micron vs. Nvidia</h2>
<div class="lb-trans"><h2>美光与英伟达</h2>
</div><h3>Similar Gains, Very Different Flow Structures</h3>
<div class="lb-trans"><h3>相似的涨幅，截然不同的流动结构</h3>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>Nvidia also rose nearly 4% on the day, but the nature of its flows differed meaningfully from Micron's.</p>
<div class="lb-trans"><p>英伟达当天也上涨近 4%，但其流动性质与美光有显著不同。</p>
</div><p>Nvidia's price gains were accompanied by momentum and Power Inflow moving largely in tandem. A pattern consistent with <strong>add-on buying in an already core portfolio holding</strong>. The flows reflected reinforcement of existing exposure rather than fresh positioning.</p>
<div class="lb-trans"><p>英伟达的价格上涨伴随着动能和资金流入大致同步。这一模式与 <strong>在已有核心投资组合中进行附加购买</strong> 一致。流动反映了对现有敞口的强化，而非新的头寸。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>Micron, by contrast, showed a clearer pattern of <strong>flows stabilizing and accumulating before price followed</strong>. While Nvidia represents an expansion of an already embedded AI core position, Micron appears to be a <strong>re-entry or re-weighting candidate</strong> within the AI cycle.</p>
<div class="lb-trans"><p>相比之下，美光显示出更清晰的模式，即 <strong>流动在价格之前稳定和积累</strong>。虽然英伟达代表了对已嵌入的人工智能核心头寸的扩展，但美光似乎是人工智能周期中的 <strong>重新进入或重新加权候选</strong>。</p>
</div><p>Within the same AI theme, flows are signaling a distinction:</p>
<div class="lb-trans"><p>在同一人工智能主题中，流动信号显示出区别：</p>
</div><p>Nvidia remains the core asset, while Micron is transitioning into a <strong>reaccumulation phase</strong>.</p>
<div class="lb-trans"><p>英伟达仍然是核心资产，而美光正在转变为 <strong>重新积累阶段</strong>。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Not a Bounce, A Reallocation</h2>
<div class="lb-trans"><h2>不是反弹，而是重新配置</h2>
</div><p>Seasonal expectations around the Santa Claus rally are well known. What matters more in this market, however, is <strong>the direction of capital moving alongside shifting rate expectations</strong>.</p>
<div class="lb-trans"><p>关于圣诞老人反弹的季节性预期众所周知。然而，在这个市场中，更重要的是 <strong>资本的流动方向与利率预期的变化</strong>。</p>
</div><p>Flows centered on Micron indicate that AI is no longer treated merely as a high-volatility trading theme, but increasingly as <strong>infrastructure that portfolios are reluctant to exclude</strong>.</p>
<div class="lb-trans"><p>围绕美光的资金流动表明，人工智能不再仅仅被视为一个高波动性的交易主题，而是越来越被视为 <strong>投资组合不愿意排除的基础设施</strong>。</p>
</div><p>This rally poses a fundamental question:</p>
<div class="lb-trans"><p>这次反弹提出了一个根本性的问题：</p>
</div><blockquote>
<p>Is AI still an overheated bubble, or a structurally essential asset class?</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>人工智能仍然是一个过热的泡沫，还是一个结构上必不可少的资产类别？</p>
</blockquote>
</div><p>Our flows are answering that question “ <strong>with buying</strong>“.</p>
<div class="lb-trans"><p>我们的资金流动正在用 “<strong>买入</strong>” 来回答这个问题。</p>
</div><p>We view Micron's move as the starting point of a broader reallocation across AI infrastructure. We will continue to track these transitions, focusing on <strong>flow dynamics that move ahead of price</strong>, as the market reshapes its long-term positioning.</p>
<div class="lb-trans"><p>我们认为美光的走势是更广泛的人工智能基础设施重新配置的起点。我们将继续跟踪这些转变，关注 <strong>在价格之前移动的资金动态</strong>，因为市场正在重塑其长期定位。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

Tech Returns To The Center In The Week That Was

- 美股在波动中收高，主要受技术股反弹驱动。  
- Micron 的强劲前景缓解了对 AI 相关估值的担忧。  
- 资金流向显示，资本逐渐重心转向 AI 基础设施资产。

在过去的一周中，科技重新回到了中心位置