<h3>美光引發人工智能資金流動的重置，標誌着對人工智能週期的信心恢復</h3>
<p>美國股市在波動的一週結束時收高。雖然這一走勢表面上看似是科技股反彈所驅動，但我們的觀點認為這更具結構性：<strong>資本重新集中於人工智能基礎設施資產</strong>，而不僅僅是簡單的反彈。</p>
<p>這一走勢的中心是 <strong>美光科技</strong>。強勁的前瞻指引緩解了對與人工智能相關的估值壓力和融資限制的持續擔憂。美光收盤創下歷史新高，進一步鞏固了市場對人工智能內存需求不是短期週期，而是結構性可見的增長驅動因素的看法。</p>
<p>從我們的角度來看，美光作為一個名字在 <strong>開盤到收盤期間吸引了持續的機構買入</strong>，這一模式指向的不是短期交易活動，而是 <strong>長期資本的頭寸重建</strong>。</p>
<hr/>
<h2>英偉達與甲骨文：政策與結構事件帶來的額外動能</h2>
<p>美光的上漲並非孤立發生。</p>
<p>英偉達受益於美國可能審查出口限制的報道，這可能允許其第二大最強人工智能芯片向中國發貨。這一發展重新點燃了對英偉達在全球人工智能基礎設施中中長期角色的信心，超越了短期收益的考慮。</p>
<p>甲骨文在字節跳動同意重組其在美國的 TikTok 業務控制權後也大幅上漲。這並不是被視為簡單的併購頭條，而是對 <strong>處於雲計算和數據基礎設施核心的公司的戰略重新評級</strong>。</p>
<p></p>
<hr/>
<h2>科技股與消費股：資本流動的明顯分歧</h2>
<p>本次會議最顯著的特徵不是哪些行業上漲，而是 <strong>哪些行業下跌</strong>。</p>
<p>耐克等面向消費者的公司因利潤壓力和來自中國的需求疲軟而大幅下跌。這與廣泛的經濟惡化關係不大，更在於 <strong>資本流出可見度下降的週期性資產</strong>。</p>
<p>與此同時，公用事業和消費品也有所下滑。這並不是防禦性輪換的信號，而是突顯出 <strong>圍繞人工智能和科技的選擇性風險偏好</strong>，而不是廣泛的風險偏好或風險規避的轉變。</p>
<hr/>
<h2>三重魔法日：波動性作為清算機制</h2>
<p>週五恰逢 <strong>三重魔法日</strong>，即股票期權、指數期權和指數期貨同時到期。這些交易日通常以交易量增加和短期價格扭曲為特徵。</p>
<p>歷史上，“三重魔法” 一詞出現在 1980 年代初期，當時美國期權和期貨市場擴張，為華爾街提供了一個名稱，用於描述多個衍生品同時到期並加劇市場波動的日子。</p>
<p>然而，從我們的角度來看，這一到期週期發揮了 <strong>建設性作用</strong>。它並沒有破壞市場，而是幫助清理不確定的頭寸，使科技行業的資金流動重新穩定。這超越了簡單的 “超賣反彈”，一旦脆弱的頭寸被解除，剩餘的資本轉向了更具信心的資產。</p>
<hr/>
<h2>我們的日內概述</h2>
<h3>美光的上漲是由於吸收供應，而不僅僅是價格動能</h3>
<p>日內數據顯示，美光在早期經歷了波動，因為短期獲利了結出現。動能指標減弱，價格回落，但 <strong>基礎價格結構保持穩定</strong>。</p>
<p>在這一階段，我們識別出 <strong>持續的大宗交易吸收賣方壓力</strong>。這表明，隨着短期交易者的退出，機構投資者在日內區間的低端積極建立頭寸。</p>
<p>中午時段的 <strong>綠色資金流入區</strong> 標誌着決定性的轉折點。價格波動壓縮，而淨流入轉為明顯的正值。這是 <strong>吸收驅動的積累</strong> 的經典特徵，而非激進的突破追逐。</p>
<p>即使在會話後期價格整合時，流動指標仍保持穩定。這進一步強化了美光的上漲不是由頭條驅動的交易，而是 <strong>長期資本對該股票的承諾</strong> 的結果。</p>
<hr/>
<h2>美光與英偉達</h2>
<h3>相似的漲幅，截然不同的流動結構</h3>
<p></p>
<p>英偉達當天也上漲近 4%，但其流動性質與美光有顯著不同。</p>
<p>英偉達的價格上漲伴隨着動能和資金流入大致同步。這一模式與 <strong>在已有核心投資組合中進行附加購買</strong> 一致。流動反映了對現有敞口的強化，而非新的頭寸。</p>
<p></p>
<p>相比之下，美光顯示出更清晰的模式，即 <strong>流動在價格之前穩定和積累</strong>。雖然英偉達代表了對已嵌入的人工智能核心頭寸的擴展，但美光似乎是人工智能週期中的 <strong>重新進入或重新加權候選</strong>。</p>
<p>在同一人工智能主題中，流動信號顯示出區別：</p>
<p>英偉達仍然是核心資產，而美光正在轉變為 <strong>重新積累階段</strong>。</p>
<hr/>
<h2>不是反彈，而是重新配置</h2>
<p>關於聖誕老人反彈的季節性預期眾所周知。然而，在這個市場中，更重要的是 <strong>資本的流動方向與利率預期的變化</strong>。</p>
<p>圍繞美光的資金流動表明，人工智能不再僅僅被視為一個高波動性的交易主題，而是越來越被視為 <strong>投資組合不願意排除的基礎設施</strong>。</p>
<p>這次反彈提出了一個根本性的問題：</p>
<blockquote>
<p>人工智能仍然是一個過熱的泡沫，還是一個結構上必不可少的資產類別？</p>
</blockquote>
<p>我們的資金流動正在用 “<strong>買入</strong>” 來回答這個問題。</p>
<p>我們認為美光的走勢是更廣泛的人工智能基礎設施重新配置的起點。我們將繼續跟蹤這些轉變，關注 <strong>在價格之前移動的資金動態</strong>，因為市場正在重塑其長期定位。</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

<p>新聞突顯了資本流向人工智能基礎設施的結構性轉變，美光、英偉達和甲骨文處於前沿。美光的強勁指引和機構買入信號顯示出對人工智能內存需求的長期信心。英偉達受益於潛在的出口政策變化，而甲骨文則從 TikTok 的重組中獲益。資本流向從消費股轉向科技股的分歧凸顯了選擇性風險偏好。三重魔法日有助於市場穩定，美光的上漲是由於機構的積累，而非短期交易驅動</p>

<h3>Micron Sparks a Reset in AI Flows, A Signal of Renewed Confidence in the AI Cycle</h3>
<div class="lb-trans"><h3>美光引發人工智能資金流動的重置，標誌着對人工智能週期的信心恢復</h3>
</div><p>U.S. equities closed higher at the end of a volatile week. While the move may appear, on the surface, to be driven by a rebound in technology stocks, our perspective suggests something more structural: <strong>a renewed concentration of capital into AI infrastructure assets</strong>, rather than a simple relief rally.</p>
<div class="lb-trans"><p>美國股市在波動的一週結束時收高。雖然這一走勢表面上看似是科技股反彈所驅動，但我們的觀點認為這更具結構性：<strong>資本重新集中於人工智能基礎設施資產</strong>，而不僅僅是簡單的反彈。</p>
</div><p>At the center of this move was <strong>Micron Technology</strong>. Strong forward guidance helped alleviate lingering concerns around AI-related valuation pressure and funding constraints. Micron closed at a record high, reinforcing the market's view that AI memory demand is not a short-term cycle, but a structurally visible growth driver.</p>
<div class="lb-trans"><p>這一走勢的中心是 <strong>美光科技</strong>。強勁的前瞻指引緩解了對與人工智能相關的估值壓力和融資限制的持續擔憂。美光收盤創下歷史新高，進一步鞏固了市場對人工智能內存需求不是短期週期，而是結構性可見的增長驅動因素的看法。</p>
</div><p>From our standpoint, Micron stood out as a name that attracted <strong>consistent institutional buying from the open through the close</strong>. This pattern points not to short-term trading activity, but to <strong>position rebuilding by longer-term capital</strong>.</p>
<div class="lb-trans"><p>從我們的角度來看，美光作為一個名字在 <strong>開盤到收盤期間吸引了持續的機構買入</strong>，這一模式指向的不是短期交易活動，而是 <strong>長期資本的頭寸重建</strong>。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Nvidia and Oracle: Additional Momentum from Policy and Structural Events</h2>
<div class="lb-trans"><h2>英偉達與甲骨文：政策與結構事件帶來的額外動能</h2>
</div><p>Micron's rally did not occur in isolation.</p>
<div class="lb-trans"><p>美光的上漲並非孤立發生。</p>
</div><p>Nvidia benefited from reports that the U.S. may review export restrictions, potentially allowing shipments of its second-most powerful AI chip to China. This development reignited confidence in Nvidia's medium- to long-term role in global AI infrastructure, beyond near-term earnings considerations.</p>
<div class="lb-trans"><p>英偉達受益於美國可能審查出口限制的報道，這可能允許其第二大最強人工智能芯片向中國發貨。這一發展重新點燃了對英偉達在全球人工智能基礎設施中中長期角色的信心，超越了短期收益的考慮。</p>
</div><p>Oracle also surged after ByteDance agreed to restructure control of TikTok's U.S. operations. This was not viewed as a simple M&amp;A headline, but rather as a <strong>strategic re-rating of companies that sit at the core of cloud and data infrastructure</strong>.</p>
<div class="lb-trans"><p>甲骨文在字節跳動同意重組其在美國的 TikTok 業務控制權後也大幅上漲。這並不是被視為簡單的併購頭條，而是對 <strong>處於雲計算和數據基礎設施核心的公司的戰略重新評級</strong>。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Technology vs. Consumer Stocks: A Clear Divergence in Capital Flows</h2>
<div class="lb-trans"><h2>科技股與消費股：資本流動的明顯分歧</h2>
</div><p>One of the most telling features of the session was not which sectors rose, but <strong>which sectors fell</strong>.</p>
<div class="lb-trans"><p>本次會議最顯著的特徵不是哪些行業上漲，而是 <strong>哪些行業下跌</strong>。</p>
</div><p>Consumer-facing names such as Nike dropped sharply amid margin pressure and weaker demand from China. This was less about broad economic deterioration and more about <strong>capital exiting cyclical assets with declining visibility</strong>.</p>
<div class="lb-trans"><p>耐克等面向消費者的公司因利潤壓力和來自中國的需求疲軟而大幅下跌。這與廣泛的經濟惡化關係不大，更在於 <strong>資本流出可見度下降的週期性資產</strong>。</p>
</div><p>At the same time, utilities and consumer staples also moved lower. Rather than signaling a defensive rotation, this divergence highlights a <strong>selective risk preference centered on AI and technology</strong>, not a broad-based risk-on or risk-off shift.</p>
<div class="lb-trans"><p>與此同時，公用事業和消費品也有所下滑。這並不是防禦性輪換的信號，而是突顯出 <strong>圍繞人工智能和科技的選擇性風險偏好</strong>，而不是廣泛的風險偏好或風險規避的轉變。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Triple Witching Day: Volatility as a Clearing Mechanism</h2>
<div class="lb-trans"><h2>三重魔法日：波動性作為清算機制</h2>
</div><p>Friday also coincided with <strong>triple witching day</strong>, when stock options, index options, and index futures expire simultaneously. These sessions are typically marked by elevated volume and short-term price distortions.</p>
<div class="lb-trans"><p>週五恰逢 <strong>三重魔法日</strong>，即股票期權、指數期權和指數期貨同時到期。這些交易日通常以交易量增加和短期價格扭曲為特徵。</p>
</div><p>Historically, the term &#34;triple witching&#34; emerged in the early 1980s as U.S. options and futures markets expanded, giving Wall Street a name for days when multiple derivatives expired at once and amplified market volatility.</p>
<div class="lb-trans"><p>歷史上，“三重魔法” 一詞出現在 1980 年代初期，當時美國期權和期貨市場擴張，為華爾街提供了一個名稱，用於描述多個衍生品同時到期並加劇市場波動的日子。</p>
</div><p>From our perspective, however, this expiration cycle played a <strong>constructive role</strong>. Rather than destabilizing the market, it helped clear uncertain positioning, allowing technology-sector flows to re-stabilize. This goes beyond a simple &#34;oversold bounce&#34; once fragile positions were unwound, remaining capital rotated toward assets with higher conviction.</p>
<div class="lb-trans"><p>然而，從我們的角度來看，這一到期週期發揮了 <strong>建設性作用</strong>。它並沒有破壞市場，而是幫助清理不確定的頭寸，使科技行業的資金流動重新穩定。這超越了簡單的 “超賣反彈”，一旦脆弱的頭寸被解除，剩餘的資本轉向了更具信心的資產。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Our Intraday Overview</h2>
<div class="lb-trans"><h2>我們的日內概述</h2>
</div><h3>Micron's Rally Was Driven by Absorbed Supply, Not Just Price Momentum</h3>
<div class="lb-trans"><h3>美光的上漲是由於吸收供應，而不僅僅是價格動能</h3>
</div><p>Intraday data shows that Micron experienced early volatility as short-term profit-taking emerged. Momentum indicators softened and prices pulled back, yet <strong>the underlying price structure held firm</strong>.</p>
<div class="lb-trans"><p>日內數據顯示，美光在早期經歷了波動，因為短期獲利了結出現。動能指標減弱，價格回落，但 <strong>基礎價格結構保持穩定</strong>。</p>
</div><p>During this phase, we identified <strong>persistent large-block transactions absorbing sell-side pressure</strong>. This suggests that as short-term traders exited, institutional investors were actively building positions near the lower end of the intraday range.</p>
<div class="lb-trans"><p>在這一階段，我們識別出 <strong>持續的大宗交易吸收賣方壓力</strong>。這表明，隨着短期交易者的退出，機構投資者在日內區間的低端積極建立頭寸。</p>
</div><p>The mid-session <strong>green Power Inflow zone</strong> marked the decisive turning point. Price volatility compressed while net inflows turned decisively positive. A classic signature of <strong>absorption-driven accumulation</strong>, not aggressive breakout chasing.</p>
<div class="lb-trans"><p>中午時段的 <strong>綠色資金流入區</strong> 標誌着決定性的轉折點。價格波動壓縮，而淨流入轉為明顯的正值。這是 <strong>吸收驅動的積累</strong> 的經典特徵，而非激進的突破追逐。</p>
</div><p>Even as prices consolidated later in the session, flow indicators remained stable. This reinforces the view that Micron's advance was not a headline-driven trade, but the result of <strong>longer-horizon capital committing to the name</strong>.</p>
<div class="lb-trans"><p>即使在會話後期價格整合時，流動指標仍保持穩定。這進一步強化了美光的上漲不是由頭條驅動的交易，而是 <strong>長期資本對該股票的承諾</strong> 的結果。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Micron vs. Nvidia</h2>
<div class="lb-trans"><h2>美光與英偉達</h2>
</div><h3>Similar Gains, Very Different Flow Structures</h3>
<div class="lb-trans"><h3>相似的漲幅，截然不同的流動結構</h3>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>Nvidia also rose nearly 4% on the day, but the nature of its flows differed meaningfully from Micron's.</p>
<div class="lb-trans"><p>英偉達當天也上漲近 4%，但其流動性質與美光有顯著不同。</p>
</div><p>Nvidia's price gains were accompanied by momentum and Power Inflow moving largely in tandem. A pattern consistent with <strong>add-on buying in an already core portfolio holding</strong>. The flows reflected reinforcement of existing exposure rather than fresh positioning.</p>
<div class="lb-trans"><p>英偉達的價格上漲伴隨着動能和資金流入大致同步。這一模式與 <strong>在已有核心投資組合中進行附加購買</strong> 一致。流動反映了對現有敞口的強化，而非新的頭寸。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>Micron, by contrast, showed a clearer pattern of <strong>flows stabilizing and accumulating before price followed</strong>. While Nvidia represents an expansion of an already embedded AI core position, Micron appears to be a <strong>re-entry or re-weighting candidate</strong> within the AI cycle.</p>
<div class="lb-trans"><p>相比之下，美光顯示出更清晰的模式，即 <strong>流動在價格之前穩定和積累</strong>。雖然英偉達代表了對已嵌入的人工智能核心頭寸的擴展，但美光似乎是人工智能週期中的 <strong>重新進入或重新加權候選</strong>。</p>
</div><p>Within the same AI theme, flows are signaling a distinction:</p>
<div class="lb-trans"><p>在同一人工智能主題中，流動信號顯示出區別：</p>
</div><p>Nvidia remains the core asset, while Micron is transitioning into a <strong>reaccumulation phase</strong>.</p>
<div class="lb-trans"><p>英偉達仍然是核心資產，而美光正在轉變為 <strong>重新積累階段</strong>。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Not a Bounce, A Reallocation</h2>
<div class="lb-trans"><h2>不是反彈，而是重新配置</h2>
</div><p>Seasonal expectations around the Santa Claus rally are well known. What matters more in this market, however, is <strong>the direction of capital moving alongside shifting rate expectations</strong>.</p>
<div class="lb-trans"><p>關於聖誕老人反彈的季節性預期眾所周知。然而，在這個市場中，更重要的是 <strong>資本的流動方向與利率預期的變化</strong>。</p>
</div><p>Flows centered on Micron indicate that AI is no longer treated merely as a high-volatility trading theme, but increasingly as <strong>infrastructure that portfolios are reluctant to exclude</strong>.</p>
<div class="lb-trans"><p>圍繞美光的資金流動表明，人工智能不再僅僅被視為一個高波動性的交易主題，而是越來越被視為 <strong>投資組合不願意排除的基礎設施</strong>。</p>
</div><p>This rally poses a fundamental question:</p>
<div class="lb-trans"><p>這次反彈提出了一個根本性的問題：</p>
</div><blockquote>
<p>Is AI still an overheated bubble, or a structurally essential asset class?</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>人工智能仍然是一個過熱的泡沫，還是一個結構上必不可少的資產類別？</p>
</blockquote>
</div><p>Our flows are answering that question “ <strong>with buying</strong>“.</p>
<div class="lb-trans"><p>我們的資金流動正在用 “<strong>買入</strong>” 來回答這個問題。</p>
</div><p>We view Micron's move as the starting point of a broader reallocation across AI infrastructure. We will continue to track these transitions, focusing on <strong>flow dynamics that move ahead of price</strong>, as the market reshapes its long-term positioning.</p>
<div class="lb-trans"><p>我們認為美光的走勢是更廣泛的人工智能基礎設施重新配置的起點。我們將繼續跟蹤這些轉變，關注 <strong>在價格之前移動的資金動態</strong>，因為市場正在重塑其長期定位。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
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Tech Returns To The Center In The Week That Was

- 美股在波動中收高，主要受技術股反彈驅動。  
- Micron 的強勁前景緩解了對 AI 相關估值的擔憂。  
- 資金流向顯示，資本逐漸重心轉向 AI 基礎設施資產。

在過去的一週中，科技重新回到了中心位置