<p>作者：戈登·戈特塞根</p>
<p>散户投资者在五月疯狂购买半导体股票</p>
<p>半导体股票表现强劲，但一些投资者在思考这波上涨能持续多久。</p>
<p>考虑到过去两个月股市反弹的强劲势头，可能很难记起今年前几个月科技股的平淡表现。</p>
<p>投资者在 2026 年初几周内逐渐抛售热门科技股，随后伊朗战争的爆发带来了宏观经济冲击，导致纳斯达克综合指数（COMP）进入调整期。</p>
<p>这对热爱科技的散户投资者产生了冷却效应。2026 年散户投资者的股票购买活动远低于近年来的水平。甚至出现了散户投资者净卖出股票的日子，卖出的个股数量超过了买入的，这在 2023 年以来是首次出现。</p>
<p>但现在，散户投资者似乎回来了，正是半导体股票的反弹让他们决定重返市场。</p>
<p>阅读：伊朗战争的波动促使散户投资者卖出股票，但他们并没有完全离开市场</p>
<p>根据经纪公司 eToro 收集的数据，2026 年五月散户投资者的购买量高于 2026 年的任何其他月份。这些数据还显示，大部分购买集中在半导体股票上，包括英伟达（NVDA）、美光（MU）、闪迪（SNDK）、英特尔（INTC）和 AMD（AMD）。他们还购买了跟踪指数的交易所交易基金，如州街 SPDR 标准普尔 500 ETF 信托（SPY）和 Invesco QQQ 信托系列 I（QQQ），以及 iShares 半导体 ETF（SOXX）。</p>
<p>考虑到半导体反弹的惊人规模，这可能并不令人惊讶。PHLX 半导体指数（SOX）在四月和五月上涨了约 69.1%，其中美光和闪迪在这两个月分别上涨了 187.4% 和 166.8%。</p>
<p>“这次繁荣为散户投资者创造了一个黄金时代。在 eToro 美国，散户投资者在五月的购买量超过了今年迄今为止的任何其他月份，主要集中在英伟达、美光、闪迪、英特尔和 AMD 等股票上，” eToro 投资分析师布雷特·肯威尔表示。“换句话说，散户投资者在上个月和今年最大的赢家中处于中心地带。”</p>
<p>这意味着散户投资者从半导体反弹中受益——然而，如果趋势逆转，他们可能会面临巨大的损失。投资者在周五就体验到了这一点，因为 SOX 正朝着今年最大单日跌幅迈进——有望创下自 2025 年四月关税风波以来的最大两日跌幅。</p>
<p>华尔街的专业人士对半导体反弹开始持怀疑态度，想知道它能走多远。一些人将其与互联网泡沫时期的科技反弹进行了比较。</p>
<p>“SOX 在 9 周内上涨 71%，仅在 2000 年 3 月 10 日的互联网泡沫顶峰时超过。我们建议谨慎追逐高贝塔动量在 6 月的进一步强势，” BTIG 首席市场技术分析师乔纳森·克林斯基在上周的一份报告中写道。</p>
<p>对半导体的情绪开始转变，当博通（AVGO）的股票在本周早些时候的财报发布后暴跌。博通的每股收益超出分析师预期，但公司的前瞻性指引未能达到预期。这导致该股在周四市场开盘后下跌 15.8%。尽管如此，最终收盘时略有上涨，损失为 12.6%，因为散户投资者在低位买入。</p>
<p>该股在周五又下跌了 6%。如果半导体继续失去动力，散户投资者将继续感受到影响，尤其是在投资者在下跌过程中继续买入的情况下。</p>
<p>-戈登·戈特塞根</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>06-05-26 1235ET</p>

英伟达

半导体 3 倍做多 - Direxion

<p>散户投资者在五月份重返市场，积极购买像 Nvidia 和 AMD 这样的半导体股票，推动股价上涨 69%。尽管他们从近期的涨幅中获益，但分析师警告如果趋势逆转，可能会面临巨额损失，并提到互联网泡沫的比较以及博通最近的下跌。如果半导体的势头停滞，散户投资者将变得脆弱</p>

<p>By Gordon Gottsegen</p>
<div class="lb-trans"><p>作者：戈登·戈特塞根</p>
</div><p>Retail investors gobbled up semiconductor stocks in May</p>
<div class="lb-trans"><p>散户投资者在五月疯狂购买半导体股票</p>
</div><p>Semiconductor stocks have been on a tear, but some investors wonder how long the rally can last.</p>
<div class="lb-trans"><p>半导体股票表现强劲，但一些投资者在思考这波上涨能持续多久。</p>
</div><p>Given the strong momentum of the stock-market rally over the past two months, it may be hard to remember the lukewarm performance of tech stocks during the first few months of the year.</p>
<div class="lb-trans"><p>考虑到过去两个月股市反弹的强劲势头，可能很难记起今年前几个月科技股的平淡表现。</p>
</div><p>Investors spent the early weeks of 2026 rotating out of popular tech stocks, and then the onset of the Iran war created a macroeconomic shock that pushed the Nasdaq composite COMP into a correction.</p>
<div class="lb-trans"><p>投资者在 2026 年初几周内逐渐抛售热门科技股，随后伊朗战争的爆发带来了宏观经济冲击，导致纳斯达克综合指数（COMP）进入调整期。</p>
</div><p>This had a chilling effect on tech-loving individual investors. Retail investor stock-buying activity in 2026 was much lower than in recent years. There were even days where retail investors were net sellers of stocks, selling more individual stocks than they were buying, which is something that hadn't happened since 2023.</p>
<div class="lb-trans"><p>这对热爱科技的散户投资者产生了冷却效应。2026 年散户投资者的股票购买活动远低于近年来的水平。甚至出现了散户投资者净卖出股票的日子，卖出的个股数量超过了买入的，这在 2023 年以来是首次出现。</p>
</div><p>But now, it seems like retail investors are back, and it was the rally in semiconductor stocks that convinced them to return.</p>
<div class="lb-trans"><p>但现在，散户投资者似乎回来了，正是半导体股票的反弹让他们决定重返市场。</p>
</div><p>Read: Iran war volatility is pushing retail investors to sell stocks, but they aren't leaving the market entirely</p>
<div class="lb-trans"><p>阅读：伊朗战争的波动促使散户投资者卖出股票，但他们并没有完全离开市场</p>
</div><p>Retail investor buying volume in May was higher than any other month in 2026, according to data collected by brokerage eToro. The data also shows that most of this buying was concentrated in semiconductor stocks, including Nvidia (NVDA), Micron (MU), Sandisk (SNDK), Intel (INTC) and AMD (AMD). They also bought index-tracking exchange-traded funds like the State Street SPDR S&amp;P 500 ETF Trust SPY and Invesco QQQ Trust Series I QQQ, as well as the iShares Semiconductor ETF SOXX.</p>
<div class="lb-trans"><p>根据经纪公司 eToro 收集的数据，2026 年五月散户投资者的购买量高于 2026 年的任何其他月份。这些数据还显示，大部分购买集中在半导体股票上，包括英伟达（NVDA）、美光（MU）、闪迪（SNDK）、英特尔（INTC）和 AMD（AMD）。他们还购买了跟踪指数的交易所交易基金，如州街 SPDR 标准普尔 500 ETF 信托（SPY）和 Invesco QQQ 信托系列 I（QQQ），以及 iShares 半导体 ETF（SOXX）。</p>
</div><p>This may not be surprising given the impressive scale of the semiconductor rally. The PHLX Semiconductor Index SOX gained roughly 69.1% in April and May, with individual names like Micron and Sandisk gaining 187.4% and 166.8%, respectively, over those two months.</p>
<div class="lb-trans"><p>考虑到半导体反弹的惊人规模，这可能并不令人惊讶。PHLX 半导体指数（SOX）在四月和五月上涨了约 69.1%，其中美光和闪迪在这两个月分别上涨了 187.4% 和 166.8%。</p>
</div><p>&#34;This boom has created a heyday for retail investors. At eToro US, retail investors had more buy volume in May than in any other month so far this year, led by stocks like Nvidia, Micron, Sandisk, Intel and AMD,&#34; eToro investment analyst Bret Kenwell said. &#34;In other words, retail investors have been right in the thick of things when it comes to last month's, and this year's, biggest winners.&#34;</p>
<div class="lb-trans"><p>“这次繁荣为散户投资者创造了一个黄金时代。在 eToro 美国，散户投资者在五月的购买量超过了今年迄今为止的任何其他月份，主要集中在英伟达、美光、闪迪、英特尔和 AMD 等股票上，” eToro 投资分析师布雷特·肯威尔表示。“换句话说，散户投资者在上个月和今年最大的赢家中处于中心地带。”</p>
</div><p>This means retail investors have benefited from the semiconductor rally - however, they could see outsize losses if the trend reverses. Investors were getting a taste of this on Friday, as the SOX headed for its biggest daily drop of the year - on track to cement its biggest two-day decline since the April 2025 tariff tantrum.</p>
<div class="lb-trans"><p>这意味着散户投资者从半导体反弹中受益——然而，如果趋势逆转，他们可能会面临巨大的损失。投资者在周五就体验到了这一点，因为 SOX 正朝着今年最大单日跌幅迈进——有望创下自 2025 年四月关税风波以来的最大两日跌幅。</p>
</div><p>Pros on Wall Street have turned skeptical about the semis rally, wondering how far it can go. Some have drawn comparisons to the tech rally of the dot-com bubble.</p>
<div class="lb-trans"><p>华尔街的专业人士对半导体反弹开始持怀疑态度，想知道它能走多远。一些人将其与互联网泡沫时期的科技反弹进行了比较。</p>
</div><p>&#34;SOX up 71% in 9 weeks only surpassed on March 10th, 2000 which was the peak of the dot-com bubble. We would caution chasing further strength high-beta momentum into June,&#34; BTIG chief market technician Jonathan Krinsky wrote in a note last week.</p>
<div class="lb-trans"><p>“SOX 在 9 周内上涨 71%，仅在 2000 年 3 月 10 日的互联网泡沫顶峰时超过。我们建议谨慎追逐高贝塔动量在 6 月的进一步强势，” BTIG 首席市场技术分析师乔纳森·克林斯基在上周的一份报告中写道。</p>
</div><p>Sentiment toward semiconductors started to turn when shares of Broadcom (AVGO) plummeted after the company's earnings report earlier this week. Broadcom's earnings per share beat analyst consensus, but the company's forward guidance fell short of expectations. This caused the stock to drop 15.8% shortly after market open on Thursday. Still, it finished the day slightly higher, tallying a loss of 12.6%, as retail investors bought the dip.</p>
<div class="lb-trans"><p>对半导体的情绪开始转变，当博通（AVGO）的股票在本周早些时候的财报发布后暴跌。博通的每股收益超出分析师预期，但公司的前瞻性指引未能达到预期。这导致该股在周四市场开盘后下跌 15.8%。尽管如此，最终收盘时略有上涨，损失为 12.6%，因为散户投资者在低位买入。</p>
</div><p>The stock was down another 6% on Friday. Retail investors will continue to feel it if semiconductors continue to lose steam here, especially if investors buy more on the way down.</p>
<div class="lb-trans"><p>该股在周五又下跌了 6%。如果半导体继续失去动力，散户投资者将继续感受到影响，尤其是在投资者在下跌过程中继续买入的情况下。</p>
</div><p>-Gordon Gottsegen</p>
<div class="lb-trans"><p>-戈登·戈特塞根</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>06-05-26 1235ET</p>
<div class="lb-trans"><p>06-05-26 1235ET</p>
</div>

If the semiconductor rally loses steam, it's retail investors who could get hurt the most

- 零售投资者在 2026 年 5 月大幅购入半导体股票。  
- 半导体指数 SOX 在四月和五月上涨约 69.1%。  
- 然而，市场情绪转变，部分投资者对持续上涨表示警惕。

如果半导体的上涨势头减弱，可能受到最大伤害的将是散户投资者