<p>作者：Emily Bary</p>
<p>对今年最佳和最差的标准普尔 500 指数股票的观察显示，科技投资者纷纷涌入半导体股票，而抛售软件股票。</p>
<p>ServiceNow 的股票在财报发布后遭遇重创。</p>
<p>科技行业的巨大分化在本财报季节中愈发明显。</p>
<p>芯片股票是今年标准普尔 500 指数中表现最火热的股票，而软件股票则是表现最弱的——周四软件抛售的剧烈升级突显了华尔街对该行业的深度悲观态度。</p>
<p>在微软（MSFT）和 ServiceNow（NOW）周三的财报发布前，一位瑞穗交易台分析师开玩笑说，软件行业是否真的会变得更糟。但在周四，他重新审视了这个想法，在给客户的报告中写道：“也许情况真的会变得更糟。”</p>
<p>不要错过：为什么微软的股票在财报后遭到惩罚。</p>
<p>投资者担心，尽管软件公司努力整合人工智能功能，但可能会受到免费或低成本 AI 工具的冲击。软件公司在人工智能开发上的支出不断增加，但华尔街并不确定这些投资是否能有效转化为收入。到目前为止，人工智能的财务收益在芯片行业中更为明显，导致资金从软件股票中撤出。</p>
<p>微软和 ServiceNow 的财报——以及第二天的 SAP（SAP）——并没有缓解投资者的担忧。</p>
<p>“业绩必须非常好，或者指引必须非常好，” Klein 写道。“否则，投资者预计对人工智能威胁和风险的担忧将继续对情绪和行业的估值造成负担。”</p>
<p>尽管微软在 12 月季度的 Azure 云计算业务中实现了 38% 的恒定货币增长，但 Klein 表示，相较于 9 月季度的增长缺乏加速，投资者对公司在人工智能上的重投入能否改善增长前景感到怀疑。</p>
<p>而在考虑到收购的贡献时，Klein 写道，ServiceNow 的前景并不像一些投资者所希望的那样强劲，“考虑到他们在人工智能和收购上的支出。”</p>
<p>另见：ServiceNow 表示人工智能 “真的开始发挥作用”——但这不足以帮助股价。</p>
<p>微软和 ServiceNow 的股票在周四是标准普尔 500 指数中表现最差的股票，各自下跌约 12%。SAP 的股票因云订单不足下跌超过 15%。</p>
<p>这种疲软在软件行业中蔓延。Salesforce 的股票（CRM）下跌 7%，而 Workday（WDAY）和 Figma（FIG）的股票各下跌约 9%。iShares Expanded Tech-Software Sector ETF IGV 下跌 5.8%，正朝着自 4 月 4 日以来最大单日跌幅 6.2% 的方向发展。</p>
<p>Intuit（INTU）和 ServiceNow 的股票是今年标准普尔 500 指数中表现最差的股票，均下跌超过 25%。Workday、Salesforce 和 AppLovin（APP）的股票也排名前十的最差表现。</p>
<p>与此同时，一些表现最好的股票是芯片行业或与之相关的股票，包括标准普尔 500 指数的领头羊 Sandisk（SNDK）、Western Digital（WDC）和 Seagate Technology Holdings（STX）。Micron Technology（MU）、Lam Research（LRCX）、KLA（KLAC）、Applied Materials（AMAT）和 Intel（INTC）也在前十名之内。</p>
<p>-Emily Bary</p>
<p>此内容由 MarketWatch 创建，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>01-29-26 1549ET</p>

英特尔财报，一站看懂！

现在服务

北美科技软件股指数 ETF - iShares

MSFO

微软

2 倍做多 MSFT ETF - GraniteShares

MSFY

微软每日 1 倍做空 ETF - Direxion

微软每日 2 倍做多 ETF - Direxion

MSFX

标普软件与服务 ETF - SPDR

<p>软件股经历了 10 个月以来最糟糕的一天，因微软和 ServiceNow 发布的财报令人失望，导致股价大幅下跌。尽管软件公司在人工智能方面进行了投资，投资者对低成本 AI 工具可能带来的干扰越来越担忧。微软和 ServiceNow 的股价下跌约 12%，而 SAP 则下跌超过 15%。iShares Expanded Tech-Software Sector ETF 下跌 5.8%，创下自 4 月以来的最大单日跌幅。相比之下，芯片股表现良好，突显了科技行业的明显分化</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>A look at the best and worst S&amp;P 500 stocks this year shows how tech investors have piled into semiconductor plays and bailed on software</p>
<div class="lb-trans"><p>对今年最佳和最差的标准普尔 500 指数股票的观察显示，科技投资者纷纷涌入半导体股票，而抛售软件股票。</p>
</div><p>ServiceNow's stock got hit hard after earnings.</p>
<div class="lb-trans"><p>ServiceNow 的股票在财报发布后遭遇重创。</p>
</div><p>The technology sector's great divide has only gotten starker this earnings season.</p>
<div class="lb-trans"><p>科技行业的巨大分化在本财报季节中愈发明显。</p>
</div><p>Chip stocks have been some of the hottest in the S&amp;P 500 SPX this year, while software stocks have been among the weakest - and Thursday's dramatic escalation of the software selloff underscores the deeply pessimistic view Wall Street has taken of the sector.</p>
<div class="lb-trans"><p>芯片股票是今年标准普尔 500 指数中表现最火热的股票，而软件股票则是表现最弱的——周四软件抛售的剧烈升级突显了华尔街对该行业的深度悲观态度。</p>
</div><p>Heading into Wednesday's earnings reports from Microsoft (MSFT) and ServiceNow (NOW), a Mizuho trading-desk analyst joked about whether things could really get much worse for the beaten-down software sector. But on Thursday, he revisited that idea, writing in a note to clients that &#34;maybe it can actually get a lot worse.&#34;</p>
<div class="lb-trans"><p>在微软（MSFT）和 ServiceNow（NOW）周三的财报发布前，一位瑞穗交易台分析师开玩笑说，软件行业是否真的会变得更糟。但在周四，他重新审视了这个想法，在给客户的报告中写道：“也许情况真的会变得更糟。”</p>
</div><p>Don't miss: Why Microsoft's stock is getting punished after earnings</p>
<div class="lb-trans"><p>不要错过：为什么微软的股票在财报后遭到惩罚。</p>
</div><p>Investors have worried that software companies, despite their own efforts to integrate artificial-intelligence features, could get disrupted by free or low-cost AI tools. Software companies have been spending up on AI development, but Wall Street isn't sure those investments are appropriately translating into revenue. So far, the financial benefits of AI are more apparent in the chip sector, catalyzing a rotation out of software stocks.</p>
<div class="lb-trans"><p>投资者担心，尽管软件公司努力整合人工智能功能，但可能会受到免费或低成本 AI 工具的冲击。软件公司在人工智能开发上的支出不断增加，但华尔街并不确定这些投资是否能有效转化为收入。到目前为止，人工智能的财务收益在芯片行业中更为明显，导致资金从软件股票中撤出。</p>
</div><p>The reports from Microsoft and ServiceNow - and SAP (SAP) the next morning - did little to soothe investors.</p>
<div class="lb-trans"><p>微软和 ServiceNow 的财报——以及第二天的 SAP（SAP）——并没有缓解投资者的担忧。</p>
</div><p>&#34;The beats needed to either be really good, or the guides needed to be really good,&#34; Klein wrote. &#34;Otherwise, investors expected the worry and fear of AI threat and risk to remain a [dead] weight on sentiment and multiples across the sector.&#34;</p>
<div class="lb-trans"><p>“业绩必须非常好，或者指引必须非常好，” Klein 写道。“否则，投资者预计对人工智能威胁和风险的担忧将继续对情绪和行业的估值造成负担。”</p>
</div><p>While Microsoft saw 38% constant-currency growth in its Azure cloud-computing business for the December quarter, Klein said that the lack of acceleration relative to the September quarter meant investors were left unconvinced that the company's heavy AI spending will improve growth prospects.</p>
<div class="lb-trans"><p>尽管微软在 12 月季度的 Azure 云计算业务中实现了 38% 的恒定货币增长，但 Klein 表示，相较于 9 月季度的增长缺乏加速，投资者对公司在人工智能上的重投入能否改善增长前景感到怀疑。</p>
</div><p>And when factoring in contributions from acquisitions, ServiceNow's outlook wasn't as robust as some investors wanted &#34;given all their AI and spend on acquisitions,&#34; Klein wrote.</p>
<div class="lb-trans"><p>而在考虑到收购的贡献时，Klein 写道，ServiceNow 的前景并不像一些投资者所希望的那样强劲，“考虑到他们在人工智能和收购上的支出。”</p>
</div><p>See also: ServiceNow says AI is 'really kicking in' - but it's not enough to help the stock</p>
<div class="lb-trans"><p>另见：ServiceNow 表示人工智能 “真的开始发挥作用”——但这不足以帮助股价。</p>
</div><p>Shares of Microsoft and ServiceNow were two of the S&amp;P 500's weakest performers on Thursday, each down about 12%, at last check. Shares of SAP, which came up short on its cloud backlog, were down more than 15%.</p>
<div class="lb-trans"><p>微软和 ServiceNow 的股票在周四是标准普尔 500 指数中表现最差的股票，各自下跌约 12%。SAP 的股票因云订单不足下跌超过 15%。</p>
</div><p>That weakness was rippling through the software sector. Salesforce shares (CRM) were off 7%, while Workday (WDAY) and Figma shares (FIG) were each down about 9%. The iShares Expanded Tech-Software Sector ETF IGV was down 5.8% and coursing toward its worst daily drop since it fell 6.2% on April 4.</p>
<div class="lb-trans"><p>这种疲软在软件行业中蔓延。Salesforce 的股票（CRM）下跌 7%，而 Workday（WDAY）和 Figma（FIG）的股票各下跌约 9%。iShares Expanded Tech-Software Sector ETF IGV 下跌 5.8%，正朝着自 4 月 4 日以来最大单日跌幅 6.2% 的方向发展。</p>
</div><p>Intuit (INTU) and ServiceNow shares are the S&amp;P 500's SPX worst performers this year, both down more than 25%. Shares of Workday, Salesforce and AppLovin (APP) also rank in the bottom 10.</p>
<div class="lb-trans"><p>Intuit（INTU）和 ServiceNow 的股票是今年标准普尔 500 指数中表现最差的股票，均下跌超过 25%。Workday、Salesforce 和 AppLovin（APP）的股票也排名前十的最差表现。</p>
</div><p>Meanwhile, some of the best performers are stocks in the chip sector or adjacent to it, including S&amp;P 500 leaders Sandisk (SNDK), Western Digital (WDC) and Seagate Technology Holdings (STX). Micron Technology (MU), Lam Research (LRCX), KLA (KLAC), Applied Materials (AMAT) and Intel (INTC) are also among the top 10.</p>
<div class="lb-trans"><p>与此同时，一些表现最好的股票是芯片行业或与之相关的股票，包括标准普尔 500 指数的领头羊 Sandisk（SNDK）、Western Digital（WDC）和 Seagate Technology Holdings（STX）。Micron Technology（MU）、Lam Research（LRCX）、KLA（KLAC）、Applied Materials（AMAT）和 Intel（INTC）也在前十名之内。</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-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 创建，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>01-29-26 1549ET</p>
<div class="lb-trans"><p>01-29-26 1549ET</p>
</div>

Software stocks suffer worst day in 10 months, widening the gap with hot chip stocks

- 技术行业分化加剧，芯片股票表现强劲，软件股票则遭遇重挫。  
- 微软和 ServiceNow 的财报未能安抚市场，投资者对 AI 威胁感到担忧。  
- Intuit 和 ServiceNow 为 S&P 500 表现最差的股票，今年均下跌超过 25%。

Dow Jones

YieldMax MSFT Option Income Strategy ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

T-Rex 2X Long Microsoft Daily Target ETF

软件股经历了 10 个月来最糟糕的一天，与热门芯片股之间的差距进一步扩大