<p>作者：Christine Ji</p><p>大型科技股正受到对人工智能过度支出的担忧影响，但有些公司面临的风险更大。</p><p>亚马逊和微软的股价已正式从近期高点回落超过 20%。</p><p>投资者对大型科技公司激进的人工智能支出计划强烈反对，导致 “七大奇迹” 公司的股价大幅下跌。</p><p>在连续八天的亏损后，亚马逊（AMZN）的股价正式跌入技术性熊市，意味着其股价较近期高点下跌 20% 或更多。亚马逊的股票在周四收于 199.60 美元，较近期高点低 21.4%。</p><p>在四大主要超大规模云服务商中，亚马逊计划在 2026 年的资本支出最高，达到 2000 亿美元。亚马逊、微软（MSFT）、Meta Platforms（META）和 Alphabet（GOOGL）预计在 2026 年将在人工智能资本支出上累计花费 6500 亿美元。</p><p>亚马逊成为第二个跌入熊市的 “七大奇迹” 公司，紧随微软之后。微软的股价在 1 月 29 日进入熊市，原因是该公司报告的 Azure 云增长未能达到投资者的预期。截至周四收盘，微软的股价较近期高点下跌 25.9%。</p><p>Meta 似乎是下一个，因其股价距离熊市区域仅有 2.3% 的距离，依据道琼斯市场数据。尽管 Meta 的第四季度收入和盈利结果超出华尔街预期，但增加的人工智能支出和利润压力影响了投资者情绪。</p><p>阅读：为何亚马逊的人工智能支出引发了股价一年以来的最大下滑</p><p>最近的抛售突显了 “七大奇迹” 成员之间日益加大的裂痕，Apex Fintech Solutions 的风险副总裁 Mike Treacy 告诉 MarketWatch。</p><p>自下跌以来，投资者已从与微软、英伟达（NVDA）和甲骨文（ORCL）等公司相关的 OpenAI 交易中撤出，因对循环融资交易的担忧加剧。相反，他们开始偏好 Alphabet 和博通（AVGO）生态系统，Treacy 表示。</p><p>Alphabet 的垂直整合技术栈抵消了一些过度支出的担忧，并保护了其股票免受科技抛售的最坏影响，Treacy 补充道。Alphabet 的股票在周四收盘时较近期高点下跌 9.2%。</p><p>“我确实认为，谷歌的自给自足应该相对于其他可能受到某个环节影响的公司获得溢价，” Treacy 提到谷歌的专有张量处理单元。</p><p>另一方面，亚马逊、微软和 Meta 的股价受到更大打击，因为投资者对这些公司在人工智能支出上能否实现足够的投资回报的信心较低。对于亚马逊而言，增加的资本支出水平可能会使其自由现金流在今年陷入负值，这意味着它需要开始进入债务市场以筹集更多资金。</p><p>根据 Treacy 的说法，人工智能交易的下一个重大催化剂将是英伟达在 2 月 25 日的财报。结果将显示人工智能热潮是否正在降温，或者英伟达是否成功捕捉到其最大客户投入的数十亿美元。</p><p>阅读：英伟达和甲骨文对人工智能交易发出类似的警告信号</p><p>-Christine Ji</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>02-12-26 1750ET</p>

Meta 财报，一站看懂！

亚马逊财报，一站看懂！

谷歌财报，一站看懂！

北美科技软件股指数 ETF - iShares

线上零售 ETF - Amplify

MSFX

<p>亚马逊的股票已进入熊市，从近期高点下跌超过 20%，收盘价为 199.60 美元。这一下降是由于对人工智能支出担忧，影响了大型科技股的更广泛趋势。微软也遭遇了类似命运，下跌 25.9%。Meta 也接近熊市区域。投资者正在转向像亚马逊和微软这样的公司，担心人工智能投资回报不足，而 Alphabet 的综合技术栈则提供了一定的保护。即将于 2 月 25 日发布的英伟达财报对人工智能行业的前景至关重要</p>

<p>By Christine Ji</p>
<div class="lb-trans"><p>作者：Christine Ji</p>
</div><p>Big Tech stocks are being hit by fears of AI overspending, but some are more at risk than others</p>
<div class="lb-trans"><p>大型科技股正受到对人工智能过度支出的担忧影响，但有些公司面临的风险更大。</p>
</div><p>Shares of Amazon and Microsoft have officially retreated more than 20% from recent highs.</p>
<div class="lb-trans"><p>亚马逊和微软的股价已正式从近期高点回落超过 20%。</p>
</div><p>Investors are pushing back hard against Big Tech's aggressive artificial-intelligence spending plans, causing shares of the &#34;Magnificent Seven&#34; companies to fall dramatically.</p>
<div class="lb-trans"><p>投资者对大型科技公司激进的人工智能支出计划强烈反对，导致 “七大奇迹” 公司的股价大幅下跌。</p>
</div><p>After eight consecutive days of losses, shares of Amazon.com (AMZN) have officially tumbled into a technical bear market, meaning that they're off 20% or more from their recent high. Amazon's stock closed at $199.60 on Thursday, 21.4% below its recent high.</p>
<div class="lb-trans"><p>在连续八天的亏损后，亚马逊（AMZN）的股价正式跌入技术性熊市，意味着其股价较近期高点下跌 20% 或更多。亚马逊的股票在周四收于 199.60 美元，较近期高点低 21.4%。</p>
</div><p>Among the four major hyperscalers, Amazon has the highest amount of planned capital expenditures for 2026, at $200 billion. Amazon, Microsoft (MSFT), Meta Platforms (META) and Alphabet (GOOGL) (GOOGL) are expected to spend a cumulative $650 billion on AI capex in 2026.</p>
<div class="lb-trans"><p>在四大主要超大规模云服务商中，亚马逊计划在 2026 年的资本支出最高，达到 2000 亿美元。亚马逊、微软（MSFT）、Meta Platforms（META）和 Alphabet（GOOGL）预计在 2026 年将在人工智能资本支出上累计花费 6500 亿美元。</p>
</div><p>Amazon joins Microsoft as the second &#34;Magnificent Seven&#34; name that's fallen into bear-market territory. Shares of Microsoft entered a bear market on Jan. 29, one day after the company reported Azure cloud growth that fell short of investors' expectations. As of Thursday's close, Microsoft's stock is down 25.9% from its recent high.</p>
<div class="lb-trans"><p>亚马逊成为第二个跌入熊市的 “七大奇迹” 公司，紧随微软之后。微软的股价在 1 月 29 日进入熊市，原因是该公司报告的 Azure 云增长未能达到投资者的预期。截至周四收盘，微软的股价较近期高点下跌 25.9%。</p>
</div><p>Meta looks positioned to be next, as shares are 2.3% away from reaching bear-market territory, according to Dow Jones Market Data. While Meta's fourth-quarter revenue and earnings results beat Wall Street's expectations, increased AI spending and margin pressure have weighed on investor sentiment.</p>
<div class="lb-trans"><p>Meta 似乎是下一个，因其股价距离熊市区域仅有 2.3% 的距离，依据道琼斯市场数据。尽管 Meta 的第四季度收入和盈利结果超出华尔街预期，但增加的人工智能支出和利润压力影响了投资者情绪。</p>
</div><p>Read: Why Amazon's AI spending triggered the stock's worst slide in over a year</p>
<div class="lb-trans"><p>阅读：为何亚马逊的人工智能支出引发了股价一年以来的最大下滑</p>
</div><p>The recent selloff highlights a growing rift between members of the &#34;Magnificent Seven,&#34; Mike Treacy, vice president of risk at Apex Fintech Solutions, told MarketWatch.</p>
<div class="lb-trans"><p>最近的抛售突显了 “七大奇迹” 成员之间日益加大的裂痕，Apex Fintech Solutions 的风险副总裁 Mike Treacy 告诉 MarketWatch。</p>
</div><p>Since the fall, investors have rotated out of the OpenAI trade associated with names like Microsoft, Nvidia (NVDA) and Oracle (ORCL) amid rising concerns over circular financing deals. Instead, they've begun favoring the Alphabet and Broadcom (AVGO) ecosystem, Treacy said.</p>
<div class="lb-trans"><p>自下跌以来，投资者已从与微软、英伟达（NVDA）和甲骨文（ORCL）等公司相关的 OpenAI 交易中撤出，因对循环融资交易的担忧加剧。相反，他们开始偏好 Alphabet 和博通（AVGO）生态系统，Treacy 表示。</p>
</div><p>Alphabet's vertically integrated tech stack has offset some of the overspending fears and shielded the stock from the worst of the tech selloff, Treacy added. Shares of Alphabet closed on Thursday down 9.2% from their recent high.</p>
<div class="lb-trans"><p>Alphabet 的垂直整合技术栈抵消了一些过度支出的担忧，并保护了其股票免受科技抛售的最坏影响，Treacy 补充道。Alphabet 的股票在周四收盘时较近期高点下跌 9.2%。</p>
</div><p>&#34;I do think Google's self-sufficiency should command a premium relative to the others that could be adversely impacted by one cog in the wheel,&#34; Treacy said, referring to Google's proprietary tensor processing units.</p>
<div class="lb-trans"><p>“我确实认为，谷歌的自给自足应该相对于其他可能受到某个环节影响的公司获得溢价，” Treacy 提到谷歌的专有张量处理单元。</p>
</div><p>On the other hand, shares of Amazon, Microsoft and Meta are being hit harder as investors are less confident about those companies' abilities to deliver a sufficient return on investment on their AI spending. For Amazon, increased capex levels could push its free cash flow into negative territory this year, meaning that it would need to start tapping the debt markets to raise more capital.</p>
<div class="lb-trans"><p>另一方面，亚马逊、微软和 Meta 的股价受到更大打击，因为投资者对这些公司在人工智能支出上能否实现足够的投资回报的信心较低。对于亚马逊而言，增加的资本支出水平可能会使其自由现金流在今年陷入负值，这意味着它需要开始进入债务市场以筹集更多资金。</p>
</div><p>The next big catalyst for the AI trade will be Nvidia's earnings report on Feb. 25, according to Treacy. The results will show whether the AI boom is cooling, or if Nvidia is successfully capturing the billions its biggest customers are pouring into the trade.</p>
<div class="lb-trans"><p>根据 Treacy 的说法，人工智能交易的下一个重大催化剂将是英伟达在 2 月 25 日的财报。结果将显示人工智能热潮是否正在降温，或者英伟达是否成功捕捉到其最大客户投入的数十亿美元。</p>
</div><p>Read: Nvidia and Oracle are flashing similar warning signs about the AI trade</p>
<div class="lb-trans"><p>阅读：英伟达和甲骨文对人工智能交易发出类似的警告信号</p>
</div><p>-Christine Ji</p>
<div class="lb-trans"><p>-Christine Ji</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>02-12-26 1750ET</p>
<div class="lb-trans"><p>02-12-26 1750ET</p>
</div>

Amazon's stock just entered a bear market. This 'Magnificent Seven' name could be next.

- 大型科技股因对人工智能支出过高的担忧而大幅下跌。  
- 亚马逊和微软股价已下跌超过 20%，分别进入技术熊市。  
- 投资者对回报预期不高，导致对亚马逊等公司的信心减弱。

Dow Jones

T-Rex 2X Long Microsoft Daily Target ETF

英伟达

微软每日 2 倍做多 ETF - Direxion

费城交易所 半导体 ETF - iShares

半导体 ETF - VanEck Vectors

谷歌-A

云计算 ETF - GlobalX

1 倍做空谷歌 ETF - Direxion

亚马逊每日 1 倍做空 ETF - Direxion

微软

高科技指数 ETF - SPDR

标普半导体 ETF - SPDR

亚马逊每日 2 倍做多 ETF - Direxion

Kurv Yield Premium Strategy Microsoft MSFT ETF

Direxion Daily META Bear 1X Shares

亚马逊的股票刚刚进入熊市。这个被称为 “七大杰出” 的公司可能会是下一个