<p>市场在圣诞周进入阶段，软件股票趋于稳定，加密货币从近期低点反弹，随着假期临近流动性将变得稀薄。</p>
<h3>软件股票并没有表现出被人工智能颠覆的迹象</h3>
<p>尽管关于人工智能颠覆的头条新闻不断，许多核心软件公司 <strong>并没有表现出其业务受到结构性损害</strong>。像 ServiceNow、Adobe、Salesforce 和 MongoDB 这样的公司继续实现经常性收入增长、强劲的续约率和扩大的利润率，即使倍数在压缩。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/5b893e8c-210c-4f92-85c1-f98cbc37eff9/image.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/5b893e8c-210c-4f92-85c1-f98cbc37eff9/image.png"/></p>
<p>也就是说，市场显然在进行区分。与基于使用的模型或较慢的人工智能货币化相关的股票承受了更多压力，而将人工智能直接嵌入工作流程的平台表现得更好。这不是盲目的乐观，但也不是崩溃。市场表明，投资者正在讨论_人工智能改变软件经济的速度_，而不是_这些公司是否能生存_。</p>
<h3>比特币和以太坊尝试反弹</h3>
<p>比特币从 <strong>8 万的低点</strong> 迅速反弹，目前交易价格约为 <strong>8.9 万</strong>，而以太坊在跌入中 2,000 后已重新回到 <strong>3,000</strong>。这一走势反映了在本月早些时候强制卖出和杠杆清算后风险情绪的稳定。</p>
<p>这种反弹是否会转变为持续的趋势仍不清楚。加密货币对流动性、利率和股市波动高度敏感，但从低点如此强劲反弹的能力使得长期看涨的观点依然存在，即使短期内波动持续。</p>
<h3>圣诞假期的短周</h3>
<p>这是一个 <strong>假期缩短的交易周</strong>，美国市场在圣诞节当天关闭。预计流动性将变得稀薄，市场波动可能会在任一方向上被夸大。</p>
<p>历史上，这一时期可能会带来安静的整合或剧烈的低成交量波动，因为在年末时头寸减轻。对于投资者来说，这更多是关于风险管理而非预测，直到正常的交易量恢复。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

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ADBE

<p>市场正在稳定，因为软件股票保持稳定，且加密货币从近期低点反弹。像 ServiceNow、Adobe、Salesforce 和 MongoDB 这样的核心软件公司尽管面临人工智能干扰的担忧，仍然显示出增长。比特币和以太坊已经反弹，反映出风险情绪的改善。由于假期缩短了交易周，流动性预计会减少，这可能导致市场波动加剧。建议投资者在正常交易量恢复之前，专注于风险管理</p>

<p><em>The market heads into Christmas week with software stocks stabilizing, crypto bouncing off recent lows, and liquidity set to thin as the holiday approaches.</em></p>
<div class="lb-trans"><p>市场在圣诞周进入阶段，软件股票趋于稳定，加密货币从近期低点反弹，随着假期临近流动性将变得稀薄。</p>
</div><h3>Software Stocks Are Not Trading Like They're Disrupted by AI</h3>
<div class="lb-trans"><h3>软件股票并没有表现出被人工智能颠覆的迹象</h3>
</div><p>Despite constant headlines about AI disruption, many core software names are <strong>not trading as if their businesses are being structurally impaired</strong>. Companies like ServiceNow, Adobe, Salesforce, and MongoDB continue to post recurring revenue growth, strong renewal rates, and expanding margins, even as multiples compress.</p>
<div class="lb-trans"><p>尽管关于人工智能颠覆的头条新闻不断，许多核心软件公司 <strong>并没有表现出其业务受到结构性损害</strong>。像 ServiceNow、Adobe、Salesforce 和 MongoDB 这样的公司继续实现经常性收入增长、强劲的续约率和扩大的利润率，即使倍数在压缩。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/5b893e8c-210c-4f92-85c1-f98cbc37eff9/image.png" alt="" original-src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,quality=80,format=auto,onerror=redirect/uploads/asset/file/5b893e8c-210c-4f92-85c1-f98cbc37eff9/image.png"/></p>
<p>That said, the market is clearly differentiating. Stocks tied to usage-based models or slower AI monetization have seen more pressure, while platforms embedding AI directly into workflows are holding up better. This isn't blind optimism, but it's also not a collapse. The tape suggests investors are debating <em>how fast</em> AI changes software economics, not <em>whether</em> these companies survive.</p>
<div class="lb-trans"><p>也就是说，市场显然在进行区分。与基于使用的模型或较慢的人工智能货币化相关的股票承受了更多压力，而将人工智能直接嵌入工作流程的平台表现得更好。这不是盲目的乐观，但也不是崩溃。市场表明，投资者正在讨论_人工智能改变软件经济的速度_，而不是_这些公司是否能生存_。</p>
</div><h3>Bitcoin and Ethereum Attempt a Comeback</h3>
<div class="lb-trans"><h3>比特币和以太坊尝试反弹</h3>
</div><p>Bitcoin has rebounded sharply from the <strong>80k lows</strong> and is now trading around <strong>89k</strong>, while Ethereum has reclaimed <strong>3,000</strong> after dipping into the mid-2,000s. The move reflects a stabilization in risk sentiment after forced selling and leverage flushes earlier this month.</p>
<div class="lb-trans"><p>比特币从 <strong>8 万的低点</strong> 迅速反弹，目前交易价格约为 <strong>8.9 万</strong>，而以太坊在跌入中 2,000 后已重新回到 <strong>3,000</strong>。这一走势反映了在本月早些时候强制卖出和杠杆清算后风险情绪的稳定。</p>
</div><p>Whether this turns into a sustained trend is still unclear. Crypto remains highly sensitive to liquidity, rates, and equity volatility, but the ability to bounce this hard off the lows keeps the longer-term bull case alive, even if near-term chop persists.</p>
<div class="lb-trans"><p>这种反弹是否会转变为持续的趋势仍不清楚。加密货币对流动性、利率和股市波动高度敏感，但从低点如此强劲反弹的能力使得长期看涨的观点依然存在，即使短期内波动持续。</p>
</div><h3>Short Week Ahead With Christmas Closure</h3>
<div class="lb-trans"><h3>圣诞假期的短周</h3>
</div><p>This is a <strong>holiday-shortened trading week</strong>, with U.S. markets closed on Christmas Day. Liquidity is expected to be thin, and moves can be exaggerated in either direction.</p>
<div class="lb-trans"><p>这是一个 <strong>假期缩短的交易周</strong>，美国市场在圣诞节当天关闭。预计流动性将变得稀薄，市场波动可能会在任一方向上被夸大。</p>
</div><p>Historically, this period can bring quiet consolidation or sharp, low-volume moves as positioning lightens into year-end. For investors, it's more about risk management than prediction until normal volume returns.</p>
<div class="lb-trans"><p>历史上，这一时期可能会带来安静的整合或剧烈的低成交量波动，因为在年末时头寸减轻。对于投资者来说，这更多是关于风险管理而非预测，直到正常的交易量恢复。</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的编辑。</em></strong></p>
</div>

Software Holds Ground, Crypto Rebounds

- 市场在圣诞周中，软件股票稳健，科技股也有反弹。  
- 比特币从 80k 降至 89k，Ethereum 重回 3,000。  
- 预计流动性稀薄，市场波动可能加剧。

软件市场保持稳定，而加密货币市场出现反弹