<p>由於通脹數據持續高企，國債收益率繼續飆升，今天市場受到拖累。科技和人工智能（AI）股票遭遇重創，<strong>納斯達克綜合指數</strong> 下跌近 2%，跌幅超過其他主要市場指數。</p>
<p>電動車製造商 <strong>特斯拉</strong>（TSLA -4.06%）和 <strong>Rivian Automotive</strong>（RIVN -4.87%）的股價分別下跌約 4% 和 5%。與此同時，人工智能半導體公司 <strong>博通</strong>（AVGO -3.29%）的股價下跌 3.3%。</p>
<h2>高收益率不會消失</h2>
<p>隨着新年的第一週全面展開，經濟數據重新回到日程上。今天的新數據支持了通脹將比預期更頑固甚至可能持續的觀點，這使得美聯儲繼續降低利率變得困難。</p>
<p>美國服務業採購經理人指數（PMI）在 12 月份為 64.4，比上個月上升超過 4 點，創下自 1 月份以來的最高水平。同時，職位空缺和勞動力流動調查（JOLTS）的數據也高於預期。</p>
<p>押注於降息的交易員現在認為 1 月份降息的可能性非常小，而 60% 的交易員認為美聯儲將在 3 月份的會議上維持利率不變。這個數字在昨天不到 57%，一週前僅為 47%。10 年期美國國債收益率接近 4.69%。</p>
<p>在更多公司特定的新聞中，<strong>美國銀行</strong> 的分析師將特斯拉的評級從買入下調至持有，儘管將其目標價從 400 美元上調至 490 美元。分析師約翰·墨菲認為，投資者現在已經將自主駕駛等積極催化因素納入考慮。股價充分反映了這一業務，但特斯拉仍需努力將其變為現實，墨菲寫道。</p>
<p>然而，其他分析師對特斯拉持更樂觀的態度。新街研究的分析師皮埃爾·費拉古將該公司的評級上調至買入，<strong>斯蒂費爾</strong> 的分析師斯蒂芬·根加羅重申了他的買入評級，並將特斯拉列為他 2025 年最喜歡的股票之一。這兩位分析師認為，特斯拉可以降低成本，生產更實惠的車輛，穩定其毛利率，並在自主駕駛業務中獲得更多機會。</p>
<h2>展望週五</h2>
<p>今天科技股的大部分拋售似乎與宏觀環境有關，新數據支持了頑固的通脹和可能保持高收益率的強勁經濟。隨着市場和大多數科技股的估值高企，投資者選擇拋售並不令人意外。值得注意的是，經濟數據繼續支持穩健的經濟基礎。高收益率在擴張的經濟支持下並不一定是壞事，可能會導致更強的盈利，從而繼續支持市場。</p>
<p>然而，許多投資者也預計今年會降息，因此如果降息未能實現，股票可能會受到壓力。請記住，投資者情緒可能迅速變化，本週還有更多經濟數據即將公佈。<strong>ADP</strong> 的私營部門就業數據將在明天發佈，但真正的焦點將在週五，當時將發佈 12 月份的非農就業數據。就業報告的疲軟讀數可能會導致收益率下降，儘管如果投資者對衰退感到擔憂，反應可能不會太積極。</p>
<p>目前我對特斯拉、博通和 Rivian 等高估值的科技和 AI 股票持觀望態度。AI 市場的巨大潛力可能會引導投資者朝不同方向發展，但高估值的股票在壞消息面前更容易遭遇拋售。</p>

RIVN

博通

<p>由於持續的通脹數據，國債收益率飆升，導致市場下跌，尤其是科技股。特斯拉的股價下跌了 4.06%，Rivian 下跌了 4.87%，博通下跌了 3.29%。分析師對特斯拉的前景意見不一，有些人下調評級，而另一些人則保持樂觀。經濟指標表明通脹可能會持續，這使得美聯儲潛在的降息變得複雜。即將發佈的就業數據可能會影響市場情緒，而科技股的高估值使其在經濟不確定性中容易遭遇拋售</p>

<p>Treasury yields continued to surge on sticky inflation data, dragging the market down today. Tech and artificial intelligence (AI) stocks bore the brunt of the sell-off, as the <strong>Nasdaq Composite</strong> fell nearly 2%, more than the other major market indexes.</p>
<div class="lb-trans"><p>由於通脹數據持續高企，國債收益率繼續飆升，今天市場受到拖累。科技和人工智能（AI）股票遭遇重創，<strong>納斯達克綜合指數</strong> 下跌近 2%，跌幅超過其他主要市場指數。</p>
</div><p>Shares of electric vehicle makers <strong>Tesla</strong>(TSLA -4.06%) and <strong>Rivian Automotive</strong>(RIVN -4.87%) fell roughly 4% and 5%, respectively. Meanwhile, shares of artificial intelligence semiconductor company <strong>Broadcom</strong>(AVGO -3.29%) fell 3.3%.</p>
<div class="lb-trans"><p>電動車製造商 <strong>特斯拉</strong>（TSLA -4.06%）和 <strong>Rivian Automotive</strong>（RIVN -4.87%）的股價分別下跌約 4% 和 5%。與此同時，人工智能半導體公司 <strong>博通</strong>（AVGO -3.29%）的股價下跌 3.3%。</p>
</div><h2>High yields not going away</h2>
<div class="lb-trans"><h2>高收益率不會消失</h2>
</div><p>With the first full week of the year underway, economic data is back on the calendar. New data today supports the belief that inflation will remain stickier than expected and perhaps even persistent, making it difficult for the Federal Reserve to continue to lower interest rates.</p>
<div class="lb-trans"><p>隨着新年的第一週全面展開，經濟數據重新回到日程上。今天的新數據支持了通脹將比預期更頑固甚至可能持續的觀點，這使得美聯儲繼續降低利率變得困難。</p>
</div><p>The services Purchasing Managers' Index, which shows the health of the services sector in the U.S., came in at 64.4 in December, up over 4 points from the prior month and the highest level seen since January. Meanwhile, the Job Openings and Labor Turnover Survey (JOLTS) also came in higher than expected.</p>
<div class="lb-trans"><p>美國服務業採購經理人指數（PMI）在 12 月份為 64.4，比上個月上升超過 4 點，創下自 1 月份以來的最高水平。同時，職位空缺和勞動力流動調查（JOLTS）的數據也高於預期。</p>
</div><p>Traders betting on rate cuts now view a rate cut in January as very unlikely while 60% of traders think the Fed will hold interest rates where they are at the agency's March meeting as well. That number came in at less than 57% just yesterday and only 47% a week ago. The yield on the 10-year U.S. Treasury moved to nearly 4.69%.</p>
<div class="lb-trans"><p>押注於降息的交易員現在認為 1 月份降息的可能性非常小，而 60% 的交易員認為美聯儲將在 3 月份的會議上維持利率不變。這個數字在昨天不到 57%，一週前僅為 47%。10 年期美國國債收益率接近 4.69%。</p>
</div><p>In more company-specific news, analysts at <strong>Bank of America</strong> downgraded Tesla from a buy rating to hold, despite lifting their price target from $400 to $490. Analyst John Murphy believes that investors have now priced in positive catalysts such as the possibility of autonomous vehicles. The share price more than adequately reflects this business but Tesla still has work to do to make it a reality, Murphy wrote.</p>
<div class="lb-trans"><p>在更多公司特定的新聞中，<strong>美國銀行</strong> 的分析師將特斯拉的評級從買入下調至持有，儘管將其目標價從 400 美元上調至 490 美元。分析師約翰·墨菲認為，投資者現在已經將自主駕駛等積極催化因素納入考慮。股價充分反映了這一業務，但特斯拉仍需努力將其變為現實，墨菲寫道。</p>
</div><p>Other analysts, however, are more bullish on Tesla. New Street Research analyst Pierre Ferragu upgraded the company to a buy rating and <strong>Stifel</strong> analyst Stephen Gengaro reiterated his buy rating, naming Tesla one of his favorite stocks in 2025. Both analysts think Tesla can lower costs, produce more affordable vehicles, stabilize its gross margin, and have further opportunities in the autonomous business.</p>
<div class="lb-trans"><p>然而，其他分析師對特斯拉持更樂觀的態度。新街研究的分析師皮埃爾·費拉古將該公司的評級上調至買入，<strong>斯蒂費爾</strong> 的分析師斯蒂芬·根加羅重申了他的買入評級，並將特斯拉列為他 2025 年最喜歡的股票之一。這兩位分析師認為，特斯拉可以降低成本，生產更實惠的車輛，穩定其毛利率，並在自主駕駛業務中獲得更多機會。</p>
</div><h2>Look ahead to Friday</h2>
<div class="lb-trans"><h2>展望週五</h2>
</div><p>Most of the sell-off in tech today appears related to the macro environment, and new data supporting sticky inflation and a strong economy that could keep yields elevated. With the market and most tech stocks trading at sky-high valuations, it's no surprise to see investors pushing the sell button. The silver lining is that the economic data continues to support an economy on sound footing. High yields supported by an expanding economy are not necessarily bad and could lead to stronger earnings, which could continue to support the market.</p>
<div class="lb-trans"><p>今天科技股的大部分拋售似乎與宏觀環境有關，新數據支持了頑固的通脹和可能保持高收益率的強勁經濟。隨着市場和大多數科技股的估值高企，投資者選擇拋售並不令人意外。值得注意的是，經濟數據繼續支持穩健的經濟基礎。高收益率在擴張的經濟支持下並不一定是壞事，可能會導致更強的盈利，從而繼續支持市場。</p>
</div><p>However, many investors also expected rate cuts this year, so stocks may be pressured if those don't materialize. Remember, investor sentiment can change quickly and more economic data is on tap this week. <strong>ADP</strong>'s private sector jobs data comes out tomorrow, but the real show will be on Friday when December's nonfarm payroll jobs data is released. A weak reading of the jobs report could send yields lower, although investors may not react favorably if they grow concerned about a recession.</p>
<div class="lb-trans"><p>然而，許多投資者也預計今年會降息，因此如果降息未能實現，股票可能會受到壓力。請記住，投資者情緒可能迅速變化，本週還有更多經濟數據即將公佈。<strong>ADP</strong> 的私營部門就業數據將在明天發佈，但真正的焦點將在週五，當時將發佈 12 月份的非農就業數據。就業報告的疲軟讀數可能會導致收益率下降，儘管如果投資者對衰退感到擔憂，反應可能不會太積極。</p>
</div><p>I'm currently on the sidelines when it comes to highly valued tech and AI stocks like Tesla, Broadcom, and Rivian. The enormous potential of the AI market may lead investors in a different direction, but stocks with higher valuations are more susceptible to sell off on bad news.</p>
<div class="lb-trans"><p>目前我對特斯拉、博通和 Rivian 等高估值的科技和 AI 股票持觀望態度。AI 市場的巨大潛力可能會引導投資者朝不同方向發展，但高估值的股票在壞消息面前更容易遭遇拋售。</p>
</div>

Why Tesla, Broadcom, and Rivian Fell Today as Treasury Yields Shot Higher

- 美國國債收益率因通脹數據上升而持續上漲，導致市場下跌。  
- 納斯達克綜合指數下跌近 2%，特斯拉和 Rivian 股價分別下跌約 4% 和 5%。  
- 經濟數據表明通脹可能持續，投資者對美聯儲降息的預期減弱。  

為什麼特斯拉、博通和 Rivian 今天下跌，因為國債收益率飆升