<p>作者：Isabel Wang 和 Christine Ji</p>
<p>股市仍然无法在没有 “七大巨头” 群体的情况下创下新纪录</p>
<p>2026 年，市场没有经历过像这一周这样的几周。</p>
<p>纳斯达克综合指数和标准普尔 500 指数在整个星期内持续下跌，内存芯片股票和 “七大巨头” 受到重创，投资者对科技公司在人工智能上的巨大投资越来越持怀疑态度。</p>
<p>本周纳斯达克综合指数下跌了 4.6%，创下自 6 月 5 日以来的最差周表现，而标准普尔 500 指数下跌了 2%。这一周的损失加剧了科技重型指数本已严峻的月份，纳斯达克有望创下自 2025 年 3 月以来的最大月度跌幅，截至 6 月已下跌约 6.2%，根据道琼斯市场数据。</p>
<p>所谓的 “七大巨头” 科技公司，这些在近年来推动市场创下历史新高的巨型股票，本月总共损失了近 2.8 万亿美元的市值，如果保持这一趋势，将创下月度纪录，依据 FactSet 数据。</p>
<p>此次抛售在科技行业中广泛发生，涵盖了内存芯片制造商、半导体和超大规模云计算公司。内存芯片股票，如美光科技（MU）和闪迪（SNDK），通常受自身周期的驱动，与长期支撑整体股市的超大规模云计算公司一起下跌。投资者曾经寻求避风港的公司也被卷入了此次抛售。</p>
<p>“从我的角度来看，关键在于内存芯片的需求几乎是一夜之间增长，这推动了内存股票的巨大增长，但这也是一个供应问题，推动价格上涨，” Zacks 投资管理公司的首席市场策略师 Brian Mulberry 表示。“这归结为七大巨头的另一个成本增加，已经对未来的利润产生了担忧，” 他补充道。</p>
<p>在表面之下，推动人工智能繁荣的科技领导层正在发生变化。虽然七大巨头在周期早期占据主导地位，但 Sierra Alpha Research 的总裁兼首席策略师 David Keller 在周五告诉 MarketWatch，投资者正在 “进一步向半导体领域的供应链上游移动”。</p>
<p>内存芯片的一个关键瓶颈使美光和其他公司获得了前所未有的定价权。面对不断上涨的内存成本，超大规模云计算公司提高了资本支出预测，而本周早些时候，苹果（AAPL）因组件成本上涨宣布了产品价格上涨。</p>
<p>投资者谨慎是正确的。人工智能股票享受了多年主要由预期驱动的市盈率扩张，而不是实际利润。市场奖励那些承诺人工智能驱动未来的公司，往往忽视尚未与投资规模相匹配的收益。随着最近对内存和其他半导体公司的轮换，市场领导力越来越依赖于当前的供需动态持续存在。</p>
<p>美光目前的势头基本上是对内存瓶颈 “永续存在” 的押注，而 Keller 认为这并不是一个可能的情景。</p>
<p>科技的一个角落一直被排除在人工智能热潮之外，本月也不例外。软件提供商受到重创，投资者怀疑他们的商业模式是否会被人工智能取代，Salesforce（CRM）、ServiceNow（NOW）和 Palantir（PLTR）等股票在最近几周进一步下滑。</p>
<p>在 5 月，软件股票在半导体股票降温时经历了小幅反弹——这表明投资者将这两个群体视为一对交易。但现在整个行业正经历一场似乎无差别的抛售。</p>
<p>即使美光的业绩异常强劲，也不足以提振整体市场，野村证券跨资产策略董事总经理 Charlie McElligott 表示。“美国股市目前正在自我撕裂，无法在没有 [七大巨头] 群体参与的情况下创下新高，而在这种情况下，更具体地说，超大规模云计算公司自 5 月底以来集体下跌了 16.4%。”</p>
<p>-Isabel Wang -Christine Ji</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>06-26-26 1716ET</p>

亚马逊

谷歌-C

标普 500 指数

<p>科技股经历了近一年来最糟糕的一周，纳斯达克指数下跌了 4.6%，标准普尔 500 指数下跌了 2%，原因是投资者对人工智能投资成本的怀疑。被称为 “七大巨头” 的公司本月损失了近 2.8 万亿美元。尽管像美光科技这样的内存芯片制造商因供应瓶颈而获利，但整体科技领导地位发生了变化，软件提供商也出现了下滑。市场在没有主要科技股参与的情况下，仍然无法达到新高</p>

<p>By Isabel Wang and Christine Ji</p>
<div class="lb-trans"><p>作者：Isabel Wang 和 Christine Ji</p>
</div><p>The stock market is still unable to make new records without the 'Magnificent Seven' cohort</p>
<div class="lb-trans"><p>股市仍然无法在没有 “七大巨头” 群体的情况下创下新纪录</p>
</div><p>Markets haven't had many weeks in 2026 like this one.</p>
<div class="lb-trans"><p>2026 年，市场没有经历过像这一周这样的几周。</p>
</div><p>The Nasdaq Composite and the S&amp;P 500 bled steadily throughout the week, with memory-chip stocks and the &#34;Magnificent Seven&#34; getting hit as investors grew increasingly skeptical about the massive bets technology companies are making on artificial intelligence.</p>
<div class="lb-trans"><p>纳斯达克综合指数和标准普尔 500 指数在整个星期内持续下跌，内存芯片股票和 “七大巨头” 受到重创，投资者对科技公司在人工智能上的巨大投资越来越持怀疑态度。</p>
</div><p>The Nasdaq COMP slumped 4.6% this week, logging its worst week since June 5, while the S&amp;P 500 SPX fell 2%. The weekly losses compounded what's already been a brutal month for the tech-heavy indexes, putting the Nasdaq on pace for its biggest monthly decline since March 2025, down roughly 6.2% so far in June, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>本周纳斯达克综合指数下跌了 4.6%，创下自 6 月 5 日以来的最差周表现，而标准普尔 500 指数下跌了 2%。这一周的损失加剧了科技重型指数本已严峻的月份，纳斯达克有望创下自 2025 年 3 月以来的最大月度跌幅，截至 6 月已下跌约 6.2%，根据道琼斯市场数据。</p>
</div><p>The so-called Magnificent Seven group of tech names, the megacap stocks that drove markets to record highs in recent years, collectively lost nearly $2.8 trillion in market capitalization this month, a monthly record it if holds, according to FactSet data.</p>
<div class="lb-trans"><p>所谓的 “七大巨头” 科技公司，这些在近年来推动市场创下历史新高的巨型股票，本月总共损失了近 2.8 万亿美元的市值，如果保持这一趋势，将创下月度纪录，依据 FactSet 数据。</p>
</div><p>The selloff has been broad-based in the tech industry, sweeping up memory-chip makers, semiconductors and hyperscalers alike. Memory-chip stocks, such as Micron Technology (MU) and Sandisk (SNDK), usually driven by their own boom-and-bust cycle, fell in lockstep with the hyperscalers that had long anchored the broader stock market. The companies investors once turned to for shelter were swept up in the selloff, too.</p>
<div class="lb-trans"><p>此次抛售在科技行业中广泛发生，涵盖了内存芯片制造商、半导体和超大规模云计算公司。内存芯片股票，如美光科技（MU）和闪迪（SNDK），通常受自身周期的驱动，与长期支撑整体股市的超大规模云计算公司一起下跌。投资者曾经寻求避风港的公司也被卷入了此次抛售。</p>
</div><p>&#34;The crux of it, from my view, is the demand for memory chips has grown practically overnight, and that is fueling huge growth for memory stocks, but it's also a supply issue driving prices higher,&#34; said Brian Mulberry, chief market strategist at Zacks Investment Management. &#34;It boils down to another cost increase to the Mag 7, and there are already concerns around future profits there,&#34; he added.</p>
<div class="lb-trans"><p>“从我的角度来看，关键在于内存芯片的需求几乎是一夜之间增长，这推动了内存股票的巨大增长，但这也是一个供应问题，推动价格上涨，” Zacks 投资管理公司的首席市场策略师 Brian Mulberry 表示。“这归结为七大巨头的另一个成本增加，已经对未来的利润产生了担忧，” 他补充道。</p>
</div><p>Under the surface, the tech leadership powering the AI boom is undergoing a shift. While the Magnificent Seven were dominant earlier on in the cycle, investors are &#34;going further up the supply chain in the semiconductor space,&#34; David Keller, president and chief strategist at Sierra Alpha Research, told MarketWatch on Friday.</p>
<div class="lb-trans"><p>在表面之下，推动人工智能繁荣的科技领导层正在发生变化。虽然七大巨头在周期早期占据主导地位，但 Sierra Alpha Research 的总裁兼首席策略师 David Keller 在周五告诉 MarketWatch，投资者正在 “进一步向半导体领域的供应链上游移动”。</p>
</div><p>A critical bottleneck in memory chips has handed Micron and other names unprecedented pricing power. Hyperscalers have raised their capital-expenditure forecasts in the face of rising memory costs, and earlier this week Apple (AAPL) announced product-price increases because of rising component costs.</p>
<div class="lb-trans"><p>内存芯片的一个关键瓶颈使美光和其他公司获得了前所未有的定价权。面对不断上涨的内存成本，超大规模云计算公司提高了资本支出预测，而本周早些时候，苹果（AAPL）因组件成本上涨宣布了产品价格上涨。</p>
</div><p>Investors are right to be cautious. AI stocks have enjoyed years' worth of multiple expansion driven largely by expectations rather than realized profits. Markets have rewarded companies for promising an AI-driven future, often overlooking earnings that have yet to catch up with the scale of investment. With the recent rotation into memory and other semiconductor names, market leadership is increasingly predicated on current supply-and-demand dynamics persisting.</p>
<div class="lb-trans"><p>投资者谨慎是正确的。人工智能股票享受了多年主要由预期驱动的市盈率扩张，而不是实际利润。市场奖励那些承诺人工智能驱动未来的公司，往往忽视尚未与投资规模相匹配的收益。随着最近对内存和其他半导体公司的轮换，市场领导力越来越依赖于当前的供需动态持续存在。</p>
</div><p>Micron's current momentum is basically a bet on memory bottlenecks &#34;persisting in perpetuity,&#34; which Keller doesn't believe is a likely scenario.</p>
<div class="lb-trans"><p>美光目前的势头基本上是对内存瓶颈 “永续存在” 的押注，而 Keller 认为这并不是一个可能的情景。</p>
</div><p>One corner of tech has been continuously excluded from the AI hype, and this month was no exception. Software providers have been hit hard as investors wonder whether their business models will be replaced by AI, and stocks like Salesforce (CRM), ServiceNow (NOW) and Palantir (PLTR) deepened their downward slides in recent weeks.</p>
<div class="lb-trans"><p>科技的一个角落一直被排除在人工智能热潮之外，本月也不例外。软件提供商受到重创，投资者怀疑他们的商业模式是否会被人工智能取代，Salesforce（CRM）、ServiceNow（NOW）和 Palantir（PLTR）等股票在最近几周进一步下滑。</p>
</div><p>Back in May, software stocks experienced a slight bounce as semiconductor names cooled - a signal that investors viewed the two groups as a pair trade. But now the entire sector is experiencing a seemingly indiscriminate selloff.</p>
<div class="lb-trans"><p>在 5 月，软件股票在半导体股票降温时经历了小幅反弹——这表明投资者将这两个群体视为一对交易。但现在整个行业正经历一场似乎无差别的抛售。</p>
</div><p>Even Micron's exceptionally robust earnings weren't enough to lift the broader market, said Charlie McElligott, managing director of cross-asset strategy at Nomura Securities. &#34;The U.S. stock market is currently chopping itself into pieces and unable to make new all-time highs without the participation of the [Magnificent Seven] cohort, and in this case more specifically, the hyperscalers are collectively down 16.4% since the end of May.&#34;</p>
<div class="lb-trans"><p>即使美光的业绩异常强劲，也不足以提振整体市场，野村证券跨资产策略董事总经理 Charlie McElligott 表示。“美国股市目前正在自我撕裂，无法在没有 [七大巨头] 群体参与的情况下创下新高，而在这种情况下，更具体地说，超大规模云计算公司自 5 月底以来集体下跌了 16.4%。”</p>
</div><p>-Isabel Wang -Christine Ji</p>
<div class="lb-trans"><p>-Isabel Wang -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 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>06-26-26 1716ET</p>
<div class="lb-trans"><p>06-26-26 1716ET</p>
</div>

Tech stocks just had one of their worst weeks in a year. Here's how AI momentum went off the rails.

- 纳斯达克综合指数本周下跌 4.6%，S&P 500 下跌 2%。  
- "七巨头"本月合计市值蒸发近 2.8 万亿美元。  
- 投资者对技术公司在人工智能上的重大投资越来越持怀疑态度。

Dow Jones

纳斯达克综合指数

美光科技

谷歌-A

标普 500 ETF - iShares

3 倍做多纳指 ETF - ProShares

纳斯达克 100 指数 ETF - Invesco

标普 500 ETF - SPDR

1 倍做空 MU ETF - Direxion

2 倍做多美光科技 ETF - Direxion

标普 500 ETF - Vanguard

3 倍做多标普 500 ETF - ProShares

亚马逊每日 1 倍做空 ETF - Direxion

Tradr 2X Short AMZN Daily ETF

亚马逊每日 2 倍做多 ETF - Direxion

Roundhill AMZN WeeklyPay ETF

Yieldmax Amzn Option Income ETF

GraniteShares 2x Long AMZN Daily ETF

Graniteshares YieldBOOST AMZN ETF

Kurv Yield Premium Strategy Amazon AMZN ETF

2 倍做多 MAG7 指数 ETF - Roundhill

1 倍做空谷歌 ETF - Direxion

YieldMax GOOGL Option Income Strategy ETF

GraniteShares 2x Long GOOGL Daily ETF

2 倍做多谷歌 ETF - T-Rex

Kurv Yield Premium Strategy Google GOOGL ETF

2 倍做多谷歌 ETF - Direxion

组合标普 500 ETF - SPDR

3 倍做多标普 500 ETF - Direxion

Roundhill GOOGL WeeklyPay ETF

2 倍做多标普 500 ETF - ProShares

做空标普 500 ETF - ProShares

3 倍做空标普 500 ETF - Direxion

3 倍做空标普 500 ETF - ProShares

2 倍做空标普 500 ETF - ProShares

Neos S&P 500 High Income ETF

股票溢价收益 ETF - JPMorgan Chase

标普 500 买入指数 ETF

纳斯达克综合指数 ETF - Fidelity

纳指 100 ETF - Invesco

纳斯达克 100 平均加权指数 ETF - First Trust

纳指 100 加权指数 ETF - Direxion

2 倍做多纳斯达克 100 指数 ETF - ProShares

1 倍做空纳斯达克 100 指数 ETF - ProShares

3 倍做空纳指 ETF - ProShares

2 倍做空纳斯达克指数 ETF - ProShares

2 倍做多 MU ETF - GraniteShares

GraniteShares YieldBOOST MU ETF

Defiance Daily Target 2X Short MU ETF

闪迪

苹果

赛富时

现在服务

Palantir Tech

Sandisk - WI

科技股刚刚经历了一年来最糟糕的一周。以下是人工智能势头如何偏离轨道的分析