<p>週五對人工智能股票來説又是一個殘酷的日子。博通的股價暴跌超過 11%，拖累了英偉達、超微和甲骨文。儘管科技公司發佈的財報本應推動股價飆升，但主要指數仍然收低。公司業績與市場反應之間的脱節實在令人震驚。</p>
<p>這次拋售讓人感到困惑的原因在於，博通的財報遠超預期。他們對當前季度的指引也遠高於分析師的預測。從各項可衡量的標準來看，該公司確實提供了投資者所期望的結果。然而，股價依然崩潰，整個人工智能行業也隨之下跌。</p>
<h3><strong>那些不夠好的財報</strong></h3>
<p>博通公佈的業績本應讓投資者感到興奮。收入增長加速，人工智能收入持續攀升，管理層上調了年度展望。覆蓋該股票的分析師無法理解人們對公司的更多期望。</p>
<p>Bernstein 的分析師 Stacy Rasgon 將博通評級為買入，他表示不確定還有什麼人會想要。公司的人工智能業務持續超出預期，增長率實際上在加速而不是放緩。這些是目前科技估值中最重要的指標。</p>
<p>但投資者卻關注於較低的利潤率和未來交易的不確定性，而不是慶祝巨大的收入超出預期。市場基本上決定了，在每個人都對人工智能泡沫感到緊張時，好的消息並不夠好。任何暗示增長可能不會永遠持續的跡象都會引發恐慌性拋售，無論當前表現如何。</p>
<h3><strong>科技遺忘的一週</strong></h3>
<p>由於金融股表現良好，道瓊斯工業平均指數本週實際上上漲了 1.1%。但以科技股為主的納斯達克綜合指數下跌了 1.6%，而更廣泛的標準普爾 500 指數下跌了 0.6%。儘管其他行業表現強勁，科技股卻單獨拖累了主要指數。</p>
<p>這次拋售發生在本週早些時候創下的歷史高點之後。市場在週四達到了歷史最高點，隨後在週五博通公佈的財報本應推動股價更高時立即反轉。從歷史高點到 24 小時內顯著損失的劇烈波動顯示出投資者情緒在人工智能股票周圍變得多麼不穩定。</p>
<p>儘管與財報無關，英偉達、超微和甲骨文的股價仍因博通的下跌而下滑。這種傳染效應揭示了人工智能股票交易的相互關聯性。當一個主要參與者下跌時，其他所有股票都會自動跟隨，因為算法和動量交易者紛紛加入。</p>
<h3><strong>驅動一切的泡沫恐懼</strong></h3>
<p>投資者對人工智能泡沫的形成感到真正的恐慌。該行業的漲幅如此之大，以至於任何疲軟的跡象都會引發大規模拋售。人們記得之前的科技泡沫，不想在音樂停止時持有股票，因此他們更傾向於尋找拋售的理由，而不是買入的理由。</p>
<p>關於人工智能的敍述從 “這將改變一切” 迅速轉變為 “也許這被過度炒作了”。儘管公司仍在交付強勁的業績和增長，但懷疑情緒正在滲入分析師報告和投資者對話中。一旦懷疑開始蔓延，它會自我滋生，無論基本面如何。</p>
<p>瑞銀的策略師們仍然保持樂觀，預計人工智能主題將在 2026 年前推動強勁表現。他們指出高盈利能力和在多個科技領域的加速影響。但當短期交易者恐慌並無差別地按下賣出按鈕時，長期的看漲觀點並沒有太大幫助。</p>
<h3><strong>接下來會發生什麼</strong></h3>
<p>短期內看起來波動不定，直到某些具體的事情能安撫緊張的投資者。分析師特別提到甲骨文實現正現金流是可以平息恐懼的里程碑類型。投資者需要證明人工智能投資正在產生實際利潤，而不僅僅是收入增長和對未來潛力的承諾。</p>
<p>根據大多數專業分析師的觀點，未來前景仍然強勁。能源轉型、人工智能發展和數據中心建設都需要大量的科技投資，這些投資應支持持續增長。儘管情緒急劇惡化，但支撐科技股的基本面並沒有改變。</p>
<p>但在恐慌性拋售期間，基本面並不重要。市場可以在你保持償付能力之前保持非理性，正如老話所説。最近在高點買入的科技投資者現在處於虧損狀態，儘管公司發佈了創紀錄的收益。這就是在泡沫恐懼時期交易的現實，當心理因素壓倒邏輯時。</p>
<p>問題不在於人工智能公司是否表現良好。它們顯然表現良好。問題在於投資者是否相信這些估值是可持續的，或者我們是否正在見證一個更大修正的開始，這可能會在情緒再次穩定之前將科技股大幅拉低。</p>

<p>儘管財報表現積極，人工智能股票仍然大幅下跌，博通的股價下跌超過 11%，影響了英偉達、AMD 和甲骨文。儘管收入增長強勁且前景上調，投資者卻關注利潤率下降和人工智能泡沫的擔憂，導致恐慌性拋售。主要指數下跌，科技股拖累表現，儘管其他行業表現良好。分析師對人工智能的長期前景保持樂觀，但由於投資者的懷疑和對高估值的恐懼，短期內波動性依然存在</p>

<p>Friday turned into another brutal day for artificial intelligence stocks. Broadcom shares tanked over 11 percent, dragging down Nvidia, Advanced Micro Devices, and Oracle with it. Major indexes closed lower despite tech companies posting earnings that should have sent stocks soaring. The disconnect between company performance and market reaction is honestly kind of wild.</p>
<div class="lb-trans"><p>週五對人工智能股票來説又是一個殘酷的日子。博通的股價暴跌超過 11%，拖累了英偉達、超微和甲骨文。儘管科技公司發佈的財報本應推動股價飆升，但主要指數仍然收低。公司業績與市場反應之間的脱節實在令人震驚。</p>
</div><p>Here’s what makes this selloff so confusing. Broadcom’s earnings crushed expectations. Their guidance for the current quarter also came in way above what analysts predicted. By every measurable standard, the company delivered exactly what investors claim they want to see. Yet the stock crashed anyway, taking the entire AI sector down with it.</p>
<div class="lb-trans"><p>這次拋售讓人感到困惑的原因在於，博通的財報遠超預期。他們對當前季度的指引也遠高於分析師的預測。從各項可衡量的標準來看，該公司確實提供了投資者所期望的結果。然而，股價依然崩潰，整個人工智能行業也隨之下跌。</p>
</div><h3><strong>The earnings that weren’t good enough</strong></h3>
<div class="lb-trans"><h3><strong>那些不夠好的財報</strong></h3>
</div><p>Broadcom reported results that should have thrilled investors. Revenue growth accelerated, AI revenue continues climbing, and management raised their outlook for the year. Analysts covering the stock couldn’t figure out what more people wanted from the company.</p>
<div class="lb-trans"><p>博通公佈的業績本應讓投資者感到興奮。收入增長加速，人工智能收入持續攀升，管理層上調了年度展望。覆蓋該股票的分析師無法理解人們對公司的更多期望。</p>
</div><p>Bernstein analyst Stacy Rasgon, who rates Broadcom as a buy, wrote that he wasn’t sure what else anyone could desire. The company’s AI business keeps overdelivering and the growth rate is actually accelerating rather than slowing down. Those are the metrics that matter most for tech valuations right now.</p>
<div class="lb-trans"><p>Bernstein 的分析師 Stacy Rasgon 將博通評級為買入，他表示不確定還有什麼人會想要。公司的人工智能業務持續超出預期，增長率實際上在加速而不是放緩。這些是目前科技估值中最重要的指標。</p>
</div><p>But investors fixated on lower profit margins and uncertainty around future deals instead of celebrating the massive revenue beat. The market basically decided that good news wasn’t good enough when everyone’s nervous about an AI bubble. Any hint that growth might not continue forever triggers panic selling regardless of current performance.</p>
<div class="lb-trans"><p>但投資者卻關注於較低的利潤率和未來交易的不確定性，而不是慶祝巨大的收入超出預期。市場基本上決定了，在每個人都對人工智能泡沫感到緊張時，好的消息並不夠好。任何暗示增長可能不會永遠持續的跡象都會引發恐慌性拋售，無論當前表現如何。</p>
</div><h3><strong>The week tech forgot</strong></h3>
<div class="lb-trans"><h3><strong>科技遺忘的一週</strong></h3>
</div><p>The Dow Jones Industrial Average actually rose 1.1 percent for the week thanks to financial stocks performing well. But the tech-heavy Nasdaq Composite dropped 1.6 percent while the broader S&amp;P 500 fell 0.6 percent. Technology names single-handedly dragged down major indexes despite strength in other sectors.</p>
<div class="lb-trans"><p>由於金融股表現良好，道瓊斯工業平均指數本週實際上上漲了 1.1%。但以科技股為主的納斯達克綜合指數下跌了 1.6%，而更廣泛的標準普爾 500 指數下跌了 0.6%。儘管其他行業表現強勁，科技股卻單獨拖累了主要指數。</p>
</div><p>This selloff followed record highs earlier in the week. Markets hit all-time peaks Thursday, then immediately reversed Friday when Broadcom reported earnings that should have pushed stocks even higher. The whiplash from record highs to significant losses within 24 hours shows how unstable investor sentiment has become around AI stocks.</p>
<div class="lb-trans"><p>這次拋售發生在本週早些時候創下的歷史高點之後。市場在週四達到了歷史最高點，隨後在週五博通公佈的財報本應推動股價更高時立即反轉。從歷史高點到 24 小時內顯著損失的劇烈波動顯示出投資者情緒在人工智能股票周圍變得多麼不穩定。</p>
</div><p>Nvidia, AMD, and Oracle all fell in sympathy with Broadcom despite having nothing to do with the earnings report. This contagion effect reveals how interconnected AI stock trading has become. When one major player drops, everything else follows automatically as algorithms and momentum traders pile on.</p>
<div class="lb-trans"><p>儘管與財報無關，英偉達、超微和甲骨文的股價仍因博通的下跌而下滑。這種傳染效應揭示了人工智能股票交易的相互關聯性。當一個主要參與者下跌時，其他所有股票都會自動跟隨，因為算法和動量交易者紛紛加入。</p>
</div><h3><strong>The bubble fears driving everything</strong></h3>
<div class="lb-trans"><h3><strong>驅動一切的泡沫恐懼</strong></h3>
</div><p>Investors are genuinely spooked about an AI bubble forming. The sector has run up so dramatically that any sign of weakness triggers massive selling. People remember previous tech bubbles and don’t want to hold stocks when the music stops, so they’re looking for reasons to sell rather than reasons to buy.</p>
<div class="lb-trans"><p>投資者對人工智能泡沫的形成感到真正的恐慌。該行業的漲幅如此之大，以至於任何疲軟的跡象都會引發大規模拋售。人們記得之前的科技泡沫，不想在音樂停止時持有股票，因此他們更傾向於尋找拋售的理由，而不是買入的理由。</p>
</div><p>The narrative around AI has shifted from “this will change everything” to “maybe this is overhyped” remarkably quickly. Companies are still delivering strong results and growth, but skepticism is creeping into analyst reports and investor conversations. Once doubt starts spreading, it feeds on itself regardless of underlying fundamentals.</p>
<div class="lb-trans"><p>關於人工智能的敍述從 “這將改變一切” 迅速轉變為 “也許這被過度炒作了”。儘管公司仍在交付強勁的業績和增長，但懷疑情緒正在滲入分析師報告和投資者對話中。一旦懷疑開始蔓延，它會自我滋生，無論基本面如何。</p>
</div><p>UBS strategists remain optimistic, expecting AI themes to drive strong performance through 2026. They point to high profitability and accelerating impact across multiple technology sectors. But long-term bullish views don’t help much when short-term traders are panicking and hitting sell buttons indiscriminately.</p>
<div class="lb-trans"><p>瑞銀的策略師們仍然保持樂觀，預計人工智能主題將在 2026 年前推動強勁表現。他們指出高盈利能力和在多個科技領域的加速影響。但當短期交易者恐慌並無差別地按下賣出按鈕時，長期的看漲觀點並沒有太大幫助。</p>
</div><h3><strong>What happens next</strong></h3>
<div class="lb-trans"><h3><strong>接下來會發生什麼</strong></h3>
</div><p>The near term looks volatile until something concrete reassures jittery investors. Analysts specifically mentioned Oracle achieving positive cash flow as the type of milestone that could calm fears. Investors need proof that AI investments are generating actual profits, not just revenue growth and promises about future potential.</p>
<div class="lb-trans"><p>短期內看起來波動不定，直到某些具體的事情能安撫緊張的投資者。分析師特別提到甲骨文實現正現金流是可以平息恐懼的里程碑類型。投資者需要證明人工智能投資正在產生實際利潤，而不僅僅是收入增長和對未來潛力的承諾。</p>
</div><p>Future prospects still look strong according to most professional analysts. The energy transition, AI development, and data center buildouts all require massive technology investments that should support continued growth. The fundamentals supporting tech stocks haven’t changed, even though sentiment has soured dramatically.</p>
<div class="lb-trans"><p>根據大多數專業分析師的觀點，未來前景仍然強勁。能源轉型、人工智能發展和數據中心建設都需要大量的科技投資，這些投資應支持持續增長。儘管情緒急劇惡化，但支撐科技股的基本面並沒有改變。</p>
</div><p>But fundamentals don’t matter much during panic selling. Markets can stay irrational longer than you can stay solvent, as the old saying goes. Tech investors who bought at recent highs are now underwater despite companies posting record earnings. That’s the reality of trading during bubble fear episodes when psychology overwhelms logic.</p>
<div class="lb-trans"><p>但在恐慌性拋售期間，基本面並不重要。市場可以在你保持償付能力之前保持非理性，正如老話所説。最近在高點買入的科技投資者現在處於虧損狀態，儘管公司發佈了創紀錄的收益。這就是在泡沫恐懼時期交易的現實，當心理因素壓倒邏輯時。</p>
</div><p>The question isn’t whether AI companies are performing well. They clearly are. The question is whether investors believe the valuations are sustainable or whether we’re witnessing the beginning of a larger correction that could drag tech stocks significantly lower before sentiment stabilizes again.</p>
<div class="lb-trans"><p>問題不在於人工智能公司是否表現良好。它們顯然表現良好。問題在於投資者是否相信這些估值是可持續的，或者我們是否正在見證一個更大修正的開始，這可能會在情緒再次穩定之前將科技股大幅拉低。</p>
</div>

Why AI stocks crashed despite beating forecasts

- 人工智能股票遭遇重挫，Broadcom 股價暴跌 11%。
- 儘管公司業績超出預期，市場反應卻異常冷淡，投資者對未來增長感到不安。
- 短期內市場波動加劇，投資者需尋找實際盈利的證據以恢復信心。

為什麼人工智能股票儘管超出預期仍然暴跌