---
title: "随着债券收益率飙升以及市场拥挤达到峰值，半导体行业的反弹势头停滞"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/286944762.md"
description: "费城半导体指数经历了自三月以来最大两日跌幅，英特尔下跌 17%，美光科技下跌 14%。创纪录的 73% 的基金经理现在认为做多半导体是最拥挤的交易，较四月的 24% 有所上升。10 年期国债收益率达到 4.61%，影响了高增长科技公司的估值，并导致资金向更安全的资产转移"
datetime: "2026-05-19T16:25:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286944762.md)
  - [en](https://longbridge.com/en/news/286944762.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286944762.md)
---

# 随着债券收益率飙升以及市场拥挤达到峰值，半导体行业的反弹势头停滞

Biggest drop since March: The Philadelphia Semiconductor Index saw its largest two-day decline in nearly two months, with Intel down 17% and Micron off 14%. Crowded trade warning: A record 73% of fund managers now see long semiconductors as the most crowded trade, sharply up from 24% in April. Yields pressure valuations: The 10-year Treasury yield hit 4.61%, eroding high-growth tech valuations and prompting rotation into safer assets.

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