<p>作者：Christine Ji</p>
<p>大型科技股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>本文已更新，以澄清华尔街对熊市定义的不同看法。</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，意味着其股价较重要高点下跌 20% 或更多。周四，亚马逊的股价收于 199.60 美元，较 11 月 3 日的 254 美元创纪录收盘价低 21.4%。</p>
<p>在四大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，微软的股价在 1 月 29 日进入熊市，恰好在该公司报告的 Azure 云增长未能达到投资者预期的次日。截至周四收盘，微软的股价较 10 月 28 日的 542.07 美元创纪录收盘价下跌了 25.9%。</p>
<p>阅读：为什么亚马逊的人工智能支出引发了股价一年多以来的最大下滑。</p>
<p>最近的抛售突显了 “七大奇迹” 成员之间日益加大的分歧，Apex Fintech Solutions 的风险副总裁 Mike Treacy 告诉 MarketWatch。</p>
<p>对人工智能支出的担忧已经持续了数月。在 Meta 在 10 月的第三季度财报电话会议上上调资本支出预期后，股价暴跌，并在 11 月 4 日进入熊市。Meta 的股价是否已经逃离熊市仍然是一个技术性争论点。</p>
<p>华尔街的许多人会说，当一只股票从熊市低点上涨 20% 时，通常会标志着新的牛市，而其他人则可能会说它还必须超过之前的重要高点。</p>
<p>尽管 Meta 的股价从 11 月 20 日的 589.15 美元熊市收盘低点上涨了 25.3%，至 1 月 29 日的 738.31 美元高点，但该高点仍远低于 8 月 12 日的 790 美元纪录。到周四，该股自 1 月 29 日以来已下跌 12%，并且比 8 月 12 日的高点低 17.7%。</p>
<p>自下跌以来，投资者也开始从与微软、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>Treacy 补充道，Alphabet 的垂直整合技术栈抵消了一些过度支出的担忧，并保护了该股免受科技抛售的最坏影响。周四，Alphabet 的股价收盘时较 2 月 2 日的 343.69 美元创纪录收盘价下跌了 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单个环节影响的公司来说，获得一个溢价，” Treacy 说，指的是谷歌的专有张量处理单元。</p>
<p>另一方面，亚马逊、微软和 Meta 的股价受到更大冲击，因为投资者对这些公司在人工智能支出上能否提供足够的投资回报的信心较低。对于亚马逊来说，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>然而，尽管最近出现抛售，市场的状况仍比上次下滑时要好，后者因去年的 “解放日” 抛售而加剧。在 2025 年初，所有 “七大奇迹” 公司都处于熊市中。</p>
<p>Roundhill Magnificant Seven ETF MAGS 周四收盘时比 10 月 29 日的 69.06 美元创纪录收盘价低 10.6%。在 2025 年 4 月 8 日的收盘低点 40.50 美元时，该 ETF 比 2024 年 12 月 17 日的 58.24 美元高点低 30.5%。</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交易的数十亿资金。</p>
<p>阅读：英伟达和甲骨文对人工智能交易发出了类似的警告信号。</p>
<p>-Christine Ji</p>
<p>本文由 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>02-13-26 1320ET</p>

GOOW

2 倍做多 MSFT ETF - GraniteShares

AMZW

微软每日 2 倍做多 ETF - Direxion

亚马逊每日 2 倍做多 ETF - Direxion

微软每日 1 倍做空 ETF - Direxion

MSFX

亚马逊

MSFO

<p>亚马逊和微软的股票已进入熊市区域，从近期高点下跌超过 20%，原因是投资者对过度的人工智能支出表示担忧。亚马逊的股票从峰值下跌了 21.4%，而微软则下跌了 25.9%。这两家公司以及其他 “七大巨头” 预计到 2026 年将在人工智能资本支出上合计花费 6500 亿美元。市场对这些投资回报不足的担忧作出反应，Alphabet 的股票表现较好，原因在于其自给自足。即将发布的英伟达财报被预期将成为人工智能行业的重要指标</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>This story has been updated to clarify the differing Wall Street views of what constitutes a bear market.</p>
<div class="lb-trans"><p>本文已更新，以澄清华尔街对熊市定义的不同看法。</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 a significant high. Amazon's stock closed at $199.60 on Thursday, 21.4% below its Nov. 3 record close of $254.</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，意味着其股价较重要高点下跌 20% 或更多。周四，亚马逊的股价收于 199.60 美元，较 11 月 3 日的 254 美元创纪录收盘价低 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 was down 25.9% from its Oct. 28 record close of $542.07.</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，微软的股价在 1 月 29 日进入熊市，恰好在该公司报告的 Azure 云增长未能达到投资者预期的次日。截至周四收盘，微软的股价较 10 月 28 日的 542.07 美元创纪录收盘价下跌了 25.9%。</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：为什么亚马逊的人工智能支出引发了股价一年多以来的最大下滑。</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分歧，Apex Fintech Solutions 的风险副总裁 Mike Treacy 告诉 MarketWatch。</p>
</div><p>AI spending fears have been building for many months. After Meta raised its capex outlook on its third-quarter earnings call in October, the stock plummeted and entered a bear market on Nov. 4. Whether Meta's stock has escaped that bear territory remains a point of technical debate.</p>
<div class="lb-trans"><p>对人工智能支出的担忧已经持续了数月。在 Meta 在 10 月的第三季度财报电话会议上上调资本支出预期后，股价暴跌，并在 11 月 4 日进入熊市。Meta 的股价是否已经逃离熊市仍然是一个技术性争论点。</p>
</div><p>Many on Wall Street will say a new bull market is typically signaled when a stock gains 20% off a bear-market low, while others might say it also has to surpass a previous significant high.</p>
<div class="lb-trans"><p>华尔街的许多人会说，当一只股票从熊市低点上涨 20% 时，通常会标志着新的牛市，而其他人则可能会说它还必须超过之前的重要高点。</p>
</div><p>While Meta's stock had run up 25.3%, from its Nov. 20 bear-market closing low of $589.15 to its Jan. 29 high of $738.31, that high was still well below the Aug. 12 record of $790. Through Thursday, the stock had lost has 12% since Jan. 29, and was 17.7% below its Aug. 12 peak.</p>
<div class="lb-trans"><p>尽管 Meta 的股价从 11 月 20 日的 589.15 美元熊市收盘低点上涨了 25.3%，至 1 月 29 日的 738.31 美元高点，但该高点仍远低于 8 月 12 日的 790 美元纪录。到周四，该股自 1 月 29 日以来已下跌 12%，并且比 8 月 12 日的高点低 17.7%。</p>
</div><p>Since the fall, investors have also begun rotating 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，投资者也开始从与微软、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 Feb. 2 record close of $343.69.</p>
<div class="lb-trans"><p>Treacy 补充道，Alphabet 的垂直整合技术栈抵消了一些过度支出的担忧，并保护了该股免受科技抛售的最坏影响。周四，Alphabet 的股价收盘时较 2 月 2 日的 343.69 美元创纪录收盘价下跌了 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单个环节影响的公司来说，获得一个溢价，” Treacy 说，指的是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 的股价受到更大冲击，因为投资者对这些公司在人工智能支出上能否提供足够的投资回报的信心较低。对于亚马逊来说，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>However, despite the recent selloff, the market remains in better shape than it was during the last downturn, which was exacerbated by the &#34;Liberation Day&#34; selloff in April of last year. In early 2025, all of the &#34;Magnificent Seven&#34; names were in bear markets.</p>
<div class="lb-trans"><p>然而，尽管最近出现抛售，市场的状况仍比上次下滑时要好，后者因去年的 “解放日” 抛售而加剧。在 2025 年初，所有 “七大奇迹” 公司都处于熊市中。</p>
</div><p>The Roundhill Magnificant Seven ETF MAGS closed Thursday 10.6% below its Oct. 29 record close of $69.06. At the April 8, 2025 closing low of $40.50, the ETF was 30.5% below the Dec. 17, 2024 peak of $58.24.</p>
<div class="lb-trans"><p>Roundhill Magnificant Seven ETF MAGS 周四收盘时比 10 月 29 日的 69.06 美元创纪录收盘价低 10.6%。在 2025 年 4 月 8 日的收盘低点 40.50 美元时，该 ETF 比 2024 年 12 月 17 日的 58.24 美元高点低 30.5%。</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交易的数十亿资金。</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了类似的警告信号。</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>本文由 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>02-13-26 1320ET</p>
<div class="lb-trans"><p>02-13-26 1320ET</p>
</div>

AI spending fears drove Amazon's stock into a bear market, alongside Microsoft's

- 亚马逊和微软的股价已下跌超过 20% 进入熊市。
- 投资者对大科技公司的人工智能支出计划产生担忧，导致股市暴跌。
- 预计 2026 年这四大云计算公司将累计支出 6500 亿美元于 AI。

对人工智能支出的担忧使亚马逊的股票与微软一起进入熊市