<p>作者：肖艳艳，金石数据</p>
<p>在华尔街，关于人工智能的日益担忧正在重创可能成为其颠覆目标的公司的股票，无论是小型软件公司还是大型财富管理公司都未能幸免。</p>
<p>最新的抛售潮发生在周二，当一家鲜为人知的初创公司 Altruist Corp.推出了一款税务策略工具，导致查尔斯·施瓦布公司、雷蒙德·詹姆斯金融公司和 LPL 金融控股公司的股票下跌超过 7%。</p>
<p>这是这些股票自去年四月因贸易战引发市场崩盘以来的最严重下跌。但这只是 “先卖后问” 心态的最新例证——这种心态正在迅速占据主导地位，并加剧了人们对人工智能可能颠覆整个行业的焦虑，因为数千亿美元投资于人工智能的资金开始转化为商业产品。</p>
<p>“任何具有潜在颠覆风险的公司都在被无差别地抛售，” Gabelli Funds 的基金经理约翰·贝尔顿表示。在过去几年中，人工智能技术的进步一直处于华尔街的前沿，科技股引领了市场的反弹。随着这一波涨势将股价推至历史新高，人们对这是否是即将破裂的泡沫或是否会引发重塑美国商业世界的生产力繁荣的问题依然存在。但自上周初以来，一系列人工智能产品的推出引发了明显的市场转变。投资者不再专注于挑选赢家，而是迅速试图避免持有任何面临被取代风险的公司。“我不知道接下来会发生什么，” Graniteshares Advisors 的首席执行官威尔·林德说。“去年的故事是我们都相信人工智能——但我们在寻找用例，而现在它正在造成颠覆，因为我们不断发现看似更强大和更具吸引力的用例。” 软件行业已经受到关于人工智能的担忧困扰了一段时间。上周，随着 Anthropic PBC 的新工具引发了软件、金融服务、资产管理和法律服务等多个行业股票的急剧下跌，这些担忧开始更广泛地蔓延到其他行业。周一，美国保险经纪股票也遭受了同样的打击，因为在线保险市场 Insurify 推出了一款使用 ChatGPT 比较汽车保险费率的新应用。周二，财富管理股票成为下一个受害者，因 Altruist 的 Hazel 产品（帮助金融顾问为客户制定个性化策略）而受到拖累。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7433719_watermarknone.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="544" height="607" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7433719_watermarknone.png"/></p>
<p>Altruist 的首席执行官杰森·温克表示，他对股市反应的规模感到惊讶，这使几家投资公司的市值蒸发了数十亿美元。但他说，这传达了一个关于他公司所构成的竞争威胁的强烈信号。</p>
<p>“人们开始意识到——我们用来构建 Hazel 的架构可以替代财富管理中的任何工作，” 他在一次采访中说道。</p>
<p>“通常，这些任务是由整个团队完成的。现在，人工智能可以有效地以每月 100 美元的成本完成这些任务。” 像 OpenAI 和 Anthropic 这样的人工智能公司在软件工程方面取得了实质性进展，推出了帮助开发者简化和调试代码流程的产品，并且现在正在进入其他行业。然而，关于这项技术将如何被采用仍然存在许多问题。以银行业为例，银行业周期性地面临来自电子服务和其他技术的挑战，但最终未能削弱其主导地位。Gabelli 的基金经理贝尔顿是华尔街上那些从对人工智能泡沫的担忧转向对其即将颠覆经济大部分的怀疑的人之一。“每个行业都有赢家和输家，” 贝尔顿说。但他补充道，“一个经验法则是，技术颠覆往往需要比预期更长的时间才能显现。” 这种回调也可能反映了人们对近年来股市剧烈上涨的广泛焦虑，这种上涨是由人工智能的消费狂潮和异常强劲的美国经济推动的。这导致了高估值，并使投资者对逆转的担忧更加敏感。“一旦他们发出市场认为有些负面的信号，股票就会下跌 10%，而这在当前不处于这些水平的市场中是不会发生的，” Graniteshares 的莱恩说。对于 Gerber Kawasaki 的首席执行官罗斯·格伯来说，过去一周对人工智能输家的焦虑正在重创市场的部分领域，这种担忧为时已晚。他表示，现在说这种影响究竟会是什么还为时尚早。“我们可以尝试推测五年后人工智能将如何改变世界，但我们就是不知道，” 他说。“市场正在试图对此做出判断，而我们仍处于这个婴儿期的最初阶段。”</p>

金融业 ETF - Vanguard

摩根士丹利

阿默普莱斯金融

金融业 ETF - SPDR

LPL金融控股

<p>在华尔街，围绕人工智能的担忧导致股票普遍抛售，影响了小型软件公司和大型财富管理公司。最近的下跌是由于 Altruist Corp.推出了一款税务策略工具，导致主要金融公司的股票大幅下跌。投资者越来越倾向于采取 “先卖后问” 的策略，担心人工智能可能带来的潜在干扰。尽管一些专家对人工智能的直接影响表示怀疑，但对高估值和市场敏感性的担忧正在加剧当前的波动性</p>

<p>Author: Xiao Yanyan, Jinshi Data</p>
<div class="lb-trans"><p>作者：肖艳艳，金石数据</p>
</div><p>On Wall Street, growing fears about artificial intelligence are battering the stocks of companies that may become its disruptive targets, sparing neither small software companies nor large wealth management firms.</p>
<div class="lb-trans"><p>在华尔街，关于人工智能的日益担忧正在重创可能成为其颠覆目标的公司的股票，无论是小型软件公司还是大型财富管理公司都未能幸免。</p>
</div><p>The latest sell-off erupted on Tuesday when a little-known startup, Altruist Corp., launched a tax strategy tool, causing shares of Charles Schwab Corp., Raymond James Financial Inc., and LPL Financial Holdings Inc. to fall by 7% or more.</p>
<div class="lb-trans"><p>最新的抛售潮发生在周二，当一家鲜为人知的初创公司 Altruist Corp.推出了一款税务策略工具，导致查尔斯·施瓦布公司、雷蒙德·詹姆斯金融公司和 LPL 金融控股公司的股票下跌超过 7%。</p>
</div><p>This is the worst drop for some of these stocks since the market crash triggered by the trade war last April. But this is just the latest example of the &#34;sell first, ask later&#34; mentality—which is rapidly gaining dominance and fueling anxiety about AI potentially disrupting entire industries as hundreds of billions of dollars invested in AI begin to translate into commercial products.</p>
<div class="lb-trans"><p>这是这些股票自去年四月因贸易战引发市场崩盘以来的最严重下跌。但这只是 “先卖后问” 心态的最新例证——这种心态正在迅速占据主导地位，并加剧了人们对人工智能可能颠覆整个行业的焦虑，因为数千亿美元投资于人工智能的资金开始转化为商业产品。</p>
</div><p>“Any company with a potential disruptive risk is being indiscriminately sold off,” said John Belton, a fund manager at Gabelli Funds. For the past few years, advancements in AI technology have been at the forefront of Wall Street, with tech stocks leading the rally. As this surge has pushed stock prices to record highs, questions have lingered about whether it's a bubble about to burst or whether it will trigger a productivity boom that reshapes the American business world. But since the beginning of last week, a series of AI product launches have triggered a clear market shift. Investors are no longer focused on picking winners, but are quickly trying to avoid holding any company facing even the slightest risk of being replaced. “I don’t know what’s going to happen next,” said Will Rhind, CEO of Graniteshares Advisors. “Last year’s story was that we all believed in AI—but we were looking for use cases, and now it’s causing disruption as we keep finding seemingly more powerful and compelling use cases.” The software industry has been plagued by concerns about AI for some time. Last week, as Anthropic PBC's new tool triggered a sharp drop in stocks across sectors such as software, financial services, asset management, and legal services, these concerns began to spread more broadly to other sectors. The same fears battered U.S. insurance brokerage stocks on Monday after online insurance marketplace Insurify launched a new app using ChatGPT to compare auto insurance rates. On Tuesday, wealth management stocks became the next victims, dragged down by Altruist's Hazel product (which helps financial advisors develop personalized strategies for clients).</p>
<div class="lb-trans"><p>“任何具有潜在颠覆风险的公司都在被无差别地抛售，” Gabelli Funds 的基金经理约翰·贝尔顿表示。在过去几年中，人工智能技术的进步一直处于华尔街的前沿，科技股引领了市场的反弹。随着这一波涨势将股价推至历史新高，人们对这是否是即将破裂的泡沫或是否会引发重塑美国商业世界的生产力繁荣的问题依然存在。但自上周初以来，一系列人工智能产品的推出引发了明显的市场转变。投资者不再专注于挑选赢家，而是迅速试图避免持有任何面临被取代风险的公司。“我不知道接下来会发生什么，” Graniteshares Advisors 的首席执行官威尔·林德说。“去年的故事是我们都相信人工智能——但我们在寻找用例，而现在它正在造成颠覆，因为我们不断发现看似更强大和更具吸引力的用例。” 软件行业已经受到关于人工智能的担忧困扰了一段时间。上周，随着 Anthropic PBC 的新工具引发了软件、金融服务、资产管理和法律服务等多个行业股票的急剧下跌，这些担忧开始更广泛地蔓延到其他行业。周一，美国保险经纪股票也遭受了同样的打击，因为在线保险市场 Insurify 推出了一款使用 ChatGPT 比较汽车保险费率的新应用。周二，财富管理股票成为下一个受害者，因 Altruist 的 Hazel 产品（帮助金融顾问为客户制定个性化策略）而受到拖累。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7433719_watermarknone.png" alt="" original-src="https://img.jinse.com.cn/7433719_watermarknone.png"/></p>
<p>Jason Wenk, CEO of Altruist, said he was surprised by the scale of the stock market reaction, which wiped billions of dollars from the market capitalization of several investment firms. But he said it sent a strong signal about the competitive threat his company poses.</p>
<div class="lb-trans"><p>Altruist 的首席执行官杰森·温克表示，他对股市反应的规模感到惊讶，这使几家投资公司的市值蒸发了数十亿美元。但他说，这传达了一个关于他公司所构成的竞争威胁的强烈信号。</p>
</div><p>“People are starting to realize—the architecture we used to build Hazel can replace any work in wealth management,” he said in an interview.</p>
<div class="lb-trans"><p>“人们开始意识到——我们用来构建 Hazel 的架构可以替代财富管理中的任何工作，” 他在一次采访中说道。</p>
</div><p>“Typically, these tasks are done by the entire team. Now, AI can effectively do these tasks for just $100 a month.” AI companies like OpenAI and Anthropic have made solid progress in software engineering with products that help developers streamline and debug code processes, and are now entering other industries. However, many questions remain about how this technology will be adopted. Take the banking industry, for example, which has periodically faced challenges from e-services and other technologies, but which have ultimately failed to diminish its dominance. Gabelli fund manager Belton is one of those on Wall Street who has shifted from fears of an AI bubble to skepticism about its impending disruption of much of the economy. “Every industry has winners and losers,” Belton says. But he adds, “One rule of thumb is that technological disruption often takes longer than expected to materialize.” This pullback may also reflect widespread anxiety about the stock market’s dramatic rise in recent years, driven by AI spending sprees and an unusually resilient U.S. economy. This has led to overvaluation and made investors more sensitive to fears of a reversal. “As soon as they send out a signal that the market perceives as somewhat negative, the stock drops 10%, which would never happen in a market that isn’t currently trading at those levels,” said Lane of Graniteshares. For Ross Gerber, CEO of Gerber Kawasaki, the anxieties about AI losers that have been battering parts of the market over the past week are premature. He said it’s too early to say exactly what the impact will be. “We can try to extrapolate how AI will change the world five years from now, but we just don’t know,” he said. “The market is trying to make judgments about this when we’re still at the very beginning of this infancy.”</p>
<div class="lb-trans"><p>“通常，这些任务是由整个团队完成的。现在，人工智能可以有效地以每月 100 美元的成本完成这些任务。” 像 OpenAI 和 Anthropic 这样的人工智能公司在软件工程方面取得了实质性进展，推出了帮助开发者简化和调试代码流程的产品，并且现在正在进入其他行业。然而，关于这项技术将如何被采用仍然存在许多问题。以银行业为例，银行业周期性地面临来自电子服务和其他技术的挑战，但最终未能削弱其主导地位。Gabelli 的基金经理贝尔顿是华尔街上那些从对人工智能泡沫的担忧转向对其即将颠覆经济大部分的怀疑的人之一。“每个行业都有赢家和输家，” 贝尔顿说。但他补充道，“一个经验法则是，技术颠覆往往需要比预期更长的时间才能显现。” 这种回调也可能反映了人们对近年来股市剧烈上涨的广泛焦虑，这种上涨是由人工智能的消费狂潮和异常强劲的美国经济推动的。这导致了高估值，并使投资者对逆转的担忧更加敏感。“一旦他们发出市场认为有些负面的信号，股票就会下跌 10%，而这在当前不处于这些水平的市场中是不会发生的，” Graniteshares 的莱恩说。对于 Gerber Kawasaki 的首席执行官罗斯·格伯来说，过去一周对人工智能输家的焦虑正在重创市场的部分领域，这种担忧为时已晚。他表示，现在说这种影响究竟会是什么还为时尚早。“我们可以尝试推测五年后人工智能将如何改变世界，但我们就是不知道，” 他说。“市场正在试图对此做出判断，而我们仍处于这个婴儿期的最初阶段。”</p>
</div>

华尔街正被 “AI 恐惧症” 所困扰：一场不加区分的抛售潮正在蔓延