<p>SpaceX 首次公开募股的标识在 2026 年 6 月 4 日的摩根士丹利大楼展示。</p>
<p>Jeenah Moon | 路透社</p>
<p>价值数万亿美元的科技公司首次公开募股即将到来，这可能会导致零售股票持有的大规模重组。</p>
<p>SpaceX 将在周五在纳斯达克上市，目标估值约为 1.77 万亿美元。人工智能公司 Anthropic 和 OpenAI 预计将在今年晚些时候以接近 1 万亿美元的估值上市。</p>
<p>最大的问题是零售投资者将从哪里找到资金来支持首次公开募股的发行，以及市场的其他部分是否会因此受到影响。</p>
<p>投资者和分析师对此问题看法不一，但 “七大奇迹” 股票——包括亚马逊、苹果和微软等传统科技巨头——是一个投机的焦点。</p>
<p>“越来越多的关注集中在七大奇迹和更广泛的 [科技、媒体和电信股票] 上，作为最有可能吸收卖压的市场部分，” 杰富瑞的 Jane Gibbons 在 6 月 5 日给客户的报告中写道。</p>
<p>股票图表图标</p>
<p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>过去一个月的 CNBC 七大奇迹指数</p>
<p>零售投资者是发行方程式的核心部分，传统上由大型机构投资者主导。</p>
<p>SpaceX 将为零售投资者保留多达 30% 的发行份额——这一比例远高于通常水平。</p>
<p>该公司还将被快速纳入一些主要股票指数，这将增加跟踪纳斯达克 100 和 FTSE Russell 基准的被动基金的零售需求。</p>
<p>“他们最终会将这些被动资金流入这些股票，而不是其他一些大型科技股来为其融资，” 对冲基金经理 Dan Niles 告诉 CNBC。“将会有……很多有趣的变动。”</p>
<h2>来自零售投资者的干粉</h2>
<p>分析公司认为，零售投资者可能已经开始从一些他们喜爱的科技股中撤回资金，以为 SpaceX 的发行做准备。</p>
<p>“我们在数据中注意到，实际上零售活动有些平稳。我们假设这可能是为了这些上市而准备的干粉，” 分析公司 Vanda Research 的全球宏观策略师 Viraj Patel 告诉 CNBC。“人们 [可能在] 等待这些上市的到来，而不去购买像 Nvidia 和 Tesla 或七大奇迹中的任何东西……”</p>
<p>专注于零售的投资公司正在改变其政策，以适应 SpaceX 的首次公开募股，就像交易所一样。</p>
<p>资产管理公司 Fidelity 正在向拥有至少 2000 美元的零售经纪账户的客户出售 SpaceX 的 IPO 股票。其常规 IPO 规则要求家庭资产在 10 万美元或 50 万美元之间，具体取决于 IPO。</p>
<p>Fidelity 表示，专门因为其增加的零售配额而降低了 SpaceX 的资格要求。</p>
<p>投资公司 VanEck 管理着受欢迎的太空和半导体 ETF，告诉 CNBC 市场结构的变化可能正在酝酿中。</p>
<p>“我们可能会看到对像 SpaceX 这样的个别股票的兴趣转移，” VanEck 产品经理 Nicholas Frasse 在一封电子邮件中告诉 CNBC。</p>
<h2>七大奇迹可能变成十大奇迹</h2>
<p>然而，一些投资者并不预见即将到来的 IPO 会导致大规模的重新配置，因为人工智能投资与科技行业及不同价值链紧密相连。</p>
<p>Freedom Capital Markets 的卖方科技研究负责人 Paul Meeks 告诉 CNBC，他认为新上市的公司对整体人工智能投资论点是有补充作用的，并认为资金将来自其他地方。</p>
<p>“我认为不会有资金从 [七大奇迹] 转出，” 他说。“目前的关键主题是人工智能基础设施建设，然后是人工智能推理，最后希望在长期内产生一些投资回报的应用。由于支出是由几乎所有的七大奇迹的超大规模公司进行的，我认为他们是安全的。我认为资金可能会从其他投资中转出，以投资这些 IPO。”</p>
<p>Vanda 的 Patel 还表示，SpaceX 的 IPO 可能对整体科技股交易量的贡献大于重新分配。</p>
<p>“从市场角度来看，数字与 Nvidia 相匹配需要一段时间。但如果他们接近这个水平，你绝对可以谈论一个十大奇迹，如果你把这三家公司加进去，” 他说。</p>
<h2>可能从半导体中轮换</h2>
<p>如果购买 SpaceX 的零售资金从科技行业撤出，可能会来自半导体。</p>
<p>半导体在四月和五月迅速上涨，一些公司如美光和 AMD 的股价呈抛物线增长。</p>
<p>但该行业上周开始下跌，周二因投资者获利了结而大幅下跌，股价轨迹异常陡峭。</p>
<p>多位华尔街分析师认为，芯片可能成为 SpaceX 的零售资金来源。</p>
<p>“半导体可能成为购买 SpaceX 的资金来源，” BNP Paribas 的策略师 Greg Boutle 在 6 月 4 日的报告中告诉客户，指出目前零售中有很多干粉。“自三月低点以来，半导体 3 倍杠杆的长期 ETF 价格上涨超过 600%。零售参与非常活跃，这一群体坐拥大量未实现的 [利润和损失] 收益。”</p>
<p>当被问及 VanEck 是否担心其芯片 ETF 的轮换时，Frasse 告诉 CNBC，该行业具有很强的持续力。</p>
<p>“我们相信，半导体将继续是推动人工智能超级周期的技术，” 他说。</p>
<p>选择 CNBC 作为您在谷歌上的首选来源，永远不会错过商业新闻中最值得信赖的名字的任何时刻。</p>

ANTH

METD

2 倍做多 META ETF - GraniteShares

FBYY

2 倍做多 Meta ETF - Direxion

METW

<p>SpaceX 即将进行的 1.77 万亿美元首次公开募股（IPO），以及人工智能巨头 Anthropic 和 OpenAI 的潜在上市，可能会引发市场轮动。分析师推测，散户投资者可能会将资金从 “七大科技股” 或半导体行业转移，以资助这些新发行，尽管一些专家认为这股资金流入是对更广泛的人工智能投资论点的补充，而非重新分配</p>

<p>SpaceX initial public offering signage is displayed at the Morgan Stanley building in New York, June 4, 2026.</p>
<div class="lb-trans"><p>SpaceX 首次公开募股的标识在 2026 年 6 月 4 日的摩根士丹利大楼展示。</p>
</div><p>Jeenah Moon | Reuters</p>
<div class="lb-trans"><p>Jeenah Moon | 路透社</p>
</div><p>Initial public offerings for tech companies worth trillions of dollars are fast approaching, and they could spell a massive reshuffle in retail stock holdings.</p>
<div class="lb-trans"><p>价值数万亿美元的科技公司首次公开募股即将到来，这可能会导致零售股票持有的大规模重组。</p>
</div><p>SpaceX, which debuts Friday on the Nasdaq, is aiming for a valuation of about $1.77 trillion. Artificial intelligence companies Anthropic and OpenAI are expected to go public later this year at valuations close to $1 trillion.</p>
<div class="lb-trans"><p>SpaceX 将在周五在纳斯达克上市，目标估值约为 1.77 万亿美元。人工智能公司 Anthropic 和 OpenAI 预计将在今年晚些时候以接近 1 万亿美元的估值上市。</p>
</div><p>The big question is where retail investors will find the money to fund the IPO floats and whether other parts of the market will suffer as a result.</p>
<div class="lb-trans"><p>最大的问题是零售投资者将从哪里找到资金来支持首次公开募股的发行，以及市场的其他部分是否会因此受到影响。</p>
</div><p>Investors and analysts aren't of one mind on the question, but the Magnificent Seven stocks – comprising legacy tech giants like Amazon, Apple and Microsoft – is one locus of speculation.</p>
<div class="lb-trans"><p>投资者和分析师对此问题看法不一，但 “七大奇迹” 股票——包括亚马逊、苹果和微软等传统科技巨头——是一个投机的焦点。</p>
</div><p>&#34;Increasingly, attention has centered on the Mag 7 and [technology, media and telecom stocks] more broadly as the most likely pocket of the market to absorb selling pressure,&#34; Jane Gibbons at Jefferies wrote in a June 5 note to clients.</p>
<div class="lb-trans"><p>“越来越多的关注集中在七大奇迹和更广泛的 [科技、媒体和电信股票] 上，作为最有可能吸收卖压的市场部分，” 杰富瑞的 Jane Gibbons 在 6 月 5 日给客户的报告中写道。</p>
</div><p>Stock chart icon</p>
<div class="lb-trans"><p>股票图表图标</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg" alt="" original-src="https://static-redesign.cnbcfm.com/dist/a54b41835a8b60db28c2.svg"/></p>
<p>The CNBC Magnificent Seven index in the past month</p>
<div class="lb-trans"><p>过去一个月的 CNBC 七大奇迹指数</p>
</div><p>Retail investors are a central part of the offering equation, which is traditionally dominated by big institutional investors.</p>
<div class="lb-trans"><p>零售投资者是发行方程式的核心部分，传统上由大型机构投资者主导。</p>
</div><p>SpaceX is reserving up to 30% of its offering for retail investors – a much higher share than usual.</p>
<div class="lb-trans"><p>SpaceX 将为零售投资者保留多达 30% 的发行份额——这一比例远高于通常水平。</p>
</div><p>The company is also going to be fast-tracked into some major stock indexes, which will amp retail demand from passive funds tracking the Nasdaq 100 and the FTSE Russell benchmarks, among others.</p>
<div class="lb-trans"><p>该公司还将被快速纳入一些主要股票指数，这将增加跟踪纳斯达克 100 和 FTSE Russell 基准的被动基金的零售需求。</p>
</div><p>&#34;They're going to end up having these passive flows into these names out of some of the other mega-cap tech names to fund it,&#34; hedge fund manager Dan Niles told CNBC. &#34;There's going to be … a lot of interesting movements.&#34;</p>
<div class="lb-trans"><p>“他们最终会将这些被动资金流入这些股票，而不是其他一些大型科技股来为其融资，” 对冲基金经理 Dan Niles 告诉 CNBC。“将会有……很多有趣的变动。”</p>
</div><h2>Dry powder from retail investors</h2>
<div class="lb-trans"><h2>来自零售投资者的干粉</h2>
</div><p>Analytics firms think retail investors may already be pulling back from some of their technology favorites in preparation for the SpaceX offering.</p>
<div class="lb-trans"><p>分析公司认为，零售投资者可能已经开始从一些他们喜爱的科技股中撤回资金，以为 SpaceX 的发行做准备。</p>
</div><p>&#34;What we've been noticing in our data is that actually retail activity has been a bit flat. We've been hypothesizing that maybe some of that is dry powder for some of these listings,&#34; Viraj Patel, global macro strategist at analytics firm Vanda Research, told CNBC. &#34;People [could be] holding back from buying things like Nvidia and Tesla or anything in the Mag 7 … because maybe they're waiting for some of these listings to come.&#34;</p>
<div class="lb-trans"><p>“我们在数据中注意到，实际上零售活动有些平稳。我们假设这可能是为了这些上市而准备的干粉，” 分析公司 Vanda Research 的全球宏观策略师 Viraj Patel 告诉 CNBC。“人们 [可能在] 等待这些上市的到来，而不去购买像 Nvidia 和 Tesla 或七大奇迹中的任何东西……”</p>
</div><p>Retail-focused investment companies have been changing their policies to accommodate the SpaceX IPO just as exchanges have.</p>
<div class="lb-trans"><p>专注于零售的投资公司正在改变其政策，以适应 SpaceX 的首次公开募股，就像交易所一样。</p>
</div><p>Asset manager Fidelity is selling SpaceX IPO shares to customers with a retail brokerage account with as little as $2,000 in it. Its regular IPO rules require either $100,000 or $500,000 in household assets, depending on the IPO.</p>
<div class="lb-trans"><p>资产管理公司 Fidelity 正在向拥有至少 2000 美元的零售经纪账户的客户出售 SpaceX 的 IPO 股票。其常规 IPO 规则要求家庭资产在 10 万美元或 50 万美元之间，具体取决于 IPO。</p>
</div><p>Fidelity says it reduced eligibility requirements for SpaceX specifically because of its boosted retail allocation.</p>
<div class="lb-trans"><p>Fidelity 表示，专门因为其增加的零售配额而降低了 SpaceX 的资格要求。</p>
</div><p>Investment firm VanEck, which manages popular space and semiconductor ETFs, told CNBC that a market structure shift could be in the works.</p>
<div class="lb-trans"><p>投资公司 VanEck 管理着受欢迎的太空和半导体 ETF，告诉 CNBC 市场结构的变化可能正在酝酿中。</p>
</div><p>&#34;We could see interest shift to individual names such as SpaceX,&#34; VanEck product manager Nicholas Frasse said to CNBC in an email.</p>
<div class="lb-trans"><p>“我们可能会看到对像 SpaceX 这样的个别股票的兴趣转移，” VanEck 产品经理 Nicholas Frasse 在一封电子邮件中告诉 CNBC。</p>
</div><h2>The Mag 7 could become the Mag 10</h2>
<div class="lb-trans"><h2>七大奇迹可能变成十大奇迹</h2>
</div><p>Some investors, however, don't foresee a large-scale reallocation resulting from the upcoming IPOs, since AI investment is so heavily intertwined within the tech sector and through different value chains.</p>
<div class="lb-trans"><p>然而，一些投资者并不预见即将到来的 IPO 会导致大规模的重新配置，因为人工智能投资与科技行业及不同价值链紧密相连。</p>
</div><p>Paul Meeks, sell-side head of tech research at Freedom Capital Markets, told CNBC that he views the new public companies as additive to the overall AI investing thesis and thinks the money will come from other places.</p>
<div class="lb-trans"><p>Freedom Capital Markets 的卖方科技研究负责人 Paul Meeks 告诉 CNBC，他认为新上市的公司对整体人工智能投资论点是有补充作用的，并认为资金将来自其他地方。</p>
</div><p>&#34;I don't think there will be a transfer out of [the Mag Seven],&#34; he said. &#34;The key theme right now is AI infrastructure building, then AI inference, then hopefully some ROI-generating apps in the long run. And because the spending is being done by the hyperscalers, which almost to a man are the Mag Seven, I think that they're secured. I think money might come out of other investments to invest in those IPOs.&#34;</p>
<div class="lb-trans"><p>“我认为不会有资金从 [七大奇迹] 转出，” 他说。“目前的关键主题是人工智能基础设施建设，然后是人工智能推理，最后希望在长期内产生一些投资回报的应用。由于支出是由几乎所有的七大奇迹的超大规模公司进行的，我认为他们是安全的。我认为资金可能会从其他投资中转出，以投资这些 IPO。”</p>
</div><p>Vanda's Patel also said the SpaceX IPO could be more additive to overall tech stock volumes than redistributive.</p>
<div class="lb-trans"><p>Vanda 的 Patel 还表示，SpaceX 的 IPO 可能对整体科技股交易量的贡献大于重新分配。</p>
</div><p>&#34;It's going to take a while for the numbers to match Nvidia from a market perspective. But if they get quite close to there, you could absolutely then be talking about a Mag 10 if you add these three into it,&#34; he said.</p>
<div class="lb-trans"><p>“从市场角度来看，数字与 Nvidia 相匹配需要一段时间。但如果他们接近这个水平，你绝对可以谈论一个十大奇迹，如果你把这三家公司加进去，” 他说。</p>
</div><h2>Possible rotation out of semiconductors</h2>
<div class="lb-trans"><h2>可能从半导体中轮换</h2>
</div><p>If the retail money to buy SpaceX gets pulled out of the tech sector, it could come out of semiconductors.</p>
<div class="lb-trans"><p>如果购买 SpaceX 的零售资金从科技行业撤出，可能会来自半导体。</p>
</div><p>Semis rocketed up through April and May, with some names like Micron and AMD going parabolic.</p>
<div class="lb-trans"><p>半导体在四月和五月迅速上涨，一些公司如美光和 AMD 的股价呈抛物线增长。</p>
</div><p>But the sector started to dip last week and was down considerably on Tuesday as investors grabbed profits off the unusually steep stock trajectory.</p>
<div class="lb-trans"><p>但该行业上周开始下跌，周二因投资者获利了结而大幅下跌，股价轨迹异常陡峭。</p>
</div><p>Multiple Wall Street analysts think chips could be a retail well for SpaceX.</p>
<div class="lb-trans"><p>多位华尔街分析师认为，芯片可能成为 SpaceX 的零售资金来源。</p>
</div><p>&#34;Semis could become a source of funds to buy SpaceX,&#34; Greg Boutle, strategist at BNP Paribas, told clients in a June 4 note, noting that there's a lot of dry powder currently in retail. &#34;Semi 3x levered long ETFs have rallied more than 600% in price terms since the March lows. Retail participation has been very heavy, and this cohort is sitting on very large unrealized [profit and loss] gains.&#34;</p>
<div class="lb-trans"><p>“半导体可能成为购买 SpaceX 的资金来源，” BNP Paribas 的策略师 Greg Boutle 在 6 月 4 日的报告中告诉客户，指出目前零售中有很多干粉。“自三月低点以来，半导体 3 倍杠杆的长期 ETF 价格上涨超过 600%。零售参与非常活跃，这一群体坐拥大量未实现的 [利润和损失] 收益。”</p>
</div><p>Asked whether VanEck was worried about a rotation out of their chips ETF, Frasse told CNBC that the sector has a lot of staying power.</p>
<div class="lb-trans"><p>当被问及 VanEck 是否担心其芯片 ETF 的轮换时，Frasse 告诉 CNBC，该行业具有很强的持续力。</p>
</div><p>&#34;We believe semis will continue to be the technology that drives the AI super cycle over the long term,&#34; he said.</p>
<div class="lb-trans"><p>“我们相信，半导体将继续是推动人工智能超级周期的技术，” 他说。</p>
</div><p>Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.</p>
<div class="lb-trans"><p>选择 CNBC 作为您在谷歌上的首选来源，永远不会错过商业新闻中最值得信赖的名字的任何时刻。</p>
</div>

The SpaceX IPO could be coming for the Magnificent Seven and chip stocks

- SpaceX 将于本周五在纳斯达克上市，估值约 1.77 万亿美元。  
- 零售投资者将占据 30% 的股票供应，传统上多数由机构投资者主导。  
- AI 企业预计年底前上市，可能会重新分配市场资金。

SpaceX 的 IPO 可能会对七大科技巨头和芯片股产生影响