<p>作者：Emily Bary</p>
<p>對今年最佳和最差的標準普爾 500 指數股票的觀察顯示，科技投資者紛紛湧入半導體股票，而拋售軟件股票。</p>
<p>ServiceNow 的股票在財報發佈後遭遇重創。</p>
<p>科技行業的巨大分化在本財報季節中愈發明顯。</p>
<p>芯片股票是今年標準普爾 500 指數中表現最火熱的股票，而軟件股票則是表現最弱的——週四軟件拋售的劇烈升級突顯了華爾街對該行業的深度悲觀態度。</p>
<p>在微軟（MSFT）和 ServiceNow（NOW）週三的財報發佈前，一位瑞穗交易台分析師開玩笑説，軟件行業是否真的會變得更糟。但在週四，他重新審視了這個想法，在給客户的報告中寫道：“也許情況真的會變得更糟。”</p>
<p>不要錯過：為什麼微軟的股票在財報後遭到懲罰。</p>
<p>投資者擔心，儘管軟件公司努力整合人工智能功能，但可能會受到免費或低成本 AI 工具的衝擊。軟件公司在人工智能開發上的支出不斷增加，但華爾街並不確定這些投資是否能有效轉化為收入。到目前為止，人工智能的財務收益在芯片行業中更為明顯，導致資金從軟件股票中撤出。</p>
<p>微軟和 ServiceNow 的財報——以及第二天的 SAP（SAP）——並沒有緩解投資者的擔憂。</p>
<p>“業績必須非常好，或者指引必須非常好，” Klein 寫道。“否則，投資者預計對人工智能威脅和風險的擔憂將繼續對情緒和行業的估值造成負擔。”</p>
<p>儘管微軟在 12 月季度的 Azure 雲計算業務中實現了 38% 的恆定貨幣增長，但 Klein 表示，相較於 9 月季度的增長缺乏加速，投資者對公司在人工智能上的重投入能否改善增長前景感到懷疑。</p>
<p>而在考慮到收購的貢獻時，Klein 寫道，ServiceNow 的前景並不像一些投資者所希望的那樣強勁，“考慮到他們在人工智能和收購上的支出。”</p>
<p>另見：ServiceNow 表示人工智能 “真的開始發揮作用”——但這不足以幫助股價。</p>
<p>微軟和 ServiceNow 的股票在週四是標準普爾 500 指數中表現最差的股票，各自下跌約 12%。SAP 的股票因雲訂單不足下跌超過 15%。</p>
<p>這種疲軟在軟件行業中蔓延。Salesforce 的股票（CRM）下跌 7%，而 Workday（WDAY）和 Figma（FIG）的股票各下跌約 9%。iShares Expanded Tech-Software Sector ETF IGV 下跌 5.8%，正朝着自 4 月 4 日以來最大單日跌幅 6.2% 的方向發展。</p>
<p>Intuit（INTU）和 ServiceNow 的股票是今年標準普爾 500 指數中表現最差的股票，均下跌超過 25%。Workday、Salesforce 和 AppLovin（APP）的股票也排名前十的最差表現。</p>
<p>與此同時，一些表現最好的股票是芯片行業或與之相關的股票，包括標準普爾 500 指數的領頭羊 Sandisk（SNDK）、Western Digital（WDC）和 Seagate Technology Holdings（STX）。Micron Technology（MU）、Lam Research（LRCX）、KLA（KLAC）、Applied Materials（AMAT）和 Intel（INTC）也在前十名之內。</p>
<p>-Emily Bary</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>01-29-26 1549ET</p>

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北美科技軟件股指數 ETF - iShares

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<p>軟件股經歷了 10 個月以來最糟糕的一天，因微軟和 ServiceNow 發佈的財報令人失望，導致股價大幅下跌。儘管軟件公司在人工智能方面進行了投資，投資者對低成本 AI 工具可能帶來的干擾越來越擔憂。微軟和 ServiceNow 的股價下跌約 12%，而 SAP 則下跌超過 15%。iShares Expanded Tech-Software Sector ETF 下跌 5.8%，創下自 4 月以來的最大單日跌幅。相比之下，芯片股表現良好，突顯了科技行業的明顯分化</p>

<p>By Emily Bary</p>
<div class="lb-trans"><p>作者：Emily Bary</p>
</div><p>A look at the best and worst S&amp;P 500 stocks this year shows how tech investors have piled into semiconductor plays and bailed on software</p>
<div class="lb-trans"><p>對今年最佳和最差的標準普爾 500 指數股票的觀察顯示，科技投資者紛紛湧入半導體股票，而拋售軟件股票。</p>
</div><p>ServiceNow's stock got hit hard after earnings.</p>
<div class="lb-trans"><p>ServiceNow 的股票在財報發佈後遭遇重創。</p>
</div><p>The technology sector's great divide has only gotten starker this earnings season.</p>
<div class="lb-trans"><p>科技行業的巨大分化在本財報季節中愈發明顯。</p>
</div><p>Chip stocks have been some of the hottest in the S&amp;P 500 SPX this year, while software stocks have been among the weakest - and Thursday's dramatic escalation of the software selloff underscores the deeply pessimistic view Wall Street has taken of the sector.</p>
<div class="lb-trans"><p>芯片股票是今年標準普爾 500 指數中表現最火熱的股票，而軟件股票則是表現最弱的——週四軟件拋售的劇烈升級突顯了華爾街對該行業的深度悲觀態度。</p>
</div><p>Heading into Wednesday's earnings reports from Microsoft (MSFT) and ServiceNow (NOW), a Mizuho trading-desk analyst joked about whether things could really get much worse for the beaten-down software sector. But on Thursday, he revisited that idea, writing in a note to clients that &#34;maybe it can actually get a lot worse.&#34;</p>
<div class="lb-trans"><p>在微軟（MSFT）和 ServiceNow（NOW）週三的財報發佈前，一位瑞穗交易台分析師開玩笑説，軟件行業是否真的會變得更糟。但在週四，他重新審視了這個想法，在給客户的報告中寫道：“也許情況真的會變得更糟。”</p>
</div><p>Don't miss: Why Microsoft's stock is getting punished after earnings</p>
<div class="lb-trans"><p>不要錯過：為什麼微軟的股票在財報後遭到懲罰。</p>
</div><p>Investors have worried that software companies, despite their own efforts to integrate artificial-intelligence features, could get disrupted by free or low-cost AI tools. Software companies have been spending up on AI development, but Wall Street isn't sure those investments are appropriately translating into revenue. So far, the financial benefits of AI are more apparent in the chip sector, catalyzing a rotation out of software stocks.</p>
<div class="lb-trans"><p>投資者擔心，儘管軟件公司努力整合人工智能功能，但可能會受到免費或低成本 AI 工具的衝擊。軟件公司在人工智能開發上的支出不斷增加，但華爾街並不確定這些投資是否能有效轉化為收入。到目前為止，人工智能的財務收益在芯片行業中更為明顯，導致資金從軟件股票中撤出。</p>
</div><p>The reports from Microsoft and ServiceNow - and SAP (SAP) the next morning - did little to soothe investors.</p>
<div class="lb-trans"><p>微軟和 ServiceNow 的財報——以及第二天的 SAP（SAP）——並沒有緩解投資者的擔憂。</p>
</div><p>&#34;The beats needed to either be really good, or the guides needed to be really good,&#34; Klein wrote. &#34;Otherwise, investors expected the worry and fear of AI threat and risk to remain a [dead] weight on sentiment and multiples across the sector.&#34;</p>
<div class="lb-trans"><p>“業績必須非常好，或者指引必須非常好，” Klein 寫道。“否則，投資者預計對人工智能威脅和風險的擔憂將繼續對情緒和行業的估值造成負擔。”</p>
</div><p>While Microsoft saw 38% constant-currency growth in its Azure cloud-computing business for the December quarter, Klein said that the lack of acceleration relative to the September quarter meant investors were left unconvinced that the company's heavy AI spending will improve growth prospects.</p>
<div class="lb-trans"><p>儘管微軟在 12 月季度的 Azure 雲計算業務中實現了 38% 的恆定貨幣增長，但 Klein 表示，相較於 9 月季度的增長缺乏加速，投資者對公司在人工智能上的重投入能否改善增長前景感到懷疑。</p>
</div><p>And when factoring in contributions from acquisitions, ServiceNow's outlook wasn't as robust as some investors wanted &#34;given all their AI and spend on acquisitions,&#34; Klein wrote.</p>
<div class="lb-trans"><p>而在考慮到收購的貢獻時，Klein 寫道，ServiceNow 的前景並不像一些投資者所希望的那樣強勁，“考慮到他們在人工智能和收購上的支出。”</p>
</div><p>See also: ServiceNow says AI is 'really kicking in' - but it's not enough to help the stock</p>
<div class="lb-trans"><p>另見：ServiceNow 表示人工智能 “真的開始發揮作用”——但這不足以幫助股價。</p>
</div><p>Shares of Microsoft and ServiceNow were two of the S&amp;P 500's weakest performers on Thursday, each down about 12%, at last check. Shares of SAP, which came up short on its cloud backlog, were down more than 15%.</p>
<div class="lb-trans"><p>微軟和 ServiceNow 的股票在週四是標準普爾 500 指數中表現最差的股票，各自下跌約 12%。SAP 的股票因雲訂單不足下跌超過 15%。</p>
</div><p>That weakness was rippling through the software sector. Salesforce shares (CRM) were off 7%, while Workday (WDAY) and Figma shares (FIG) were each down about 9%. The iShares Expanded Tech-Software Sector ETF IGV was down 5.8% and coursing toward its worst daily drop since it fell 6.2% on April 4.</p>
<div class="lb-trans"><p>這種疲軟在軟件行業中蔓延。Salesforce 的股票（CRM）下跌 7%，而 Workday（WDAY）和 Figma（FIG）的股票各下跌約 9%。iShares Expanded Tech-Software Sector ETF IGV 下跌 5.8%，正朝着自 4 月 4 日以來最大單日跌幅 6.2% 的方向發展。</p>
</div><p>Intuit (INTU) and ServiceNow shares are the S&amp;P 500's SPX worst performers this year, both down more than 25%. Shares of Workday, Salesforce and AppLovin (APP) also rank in the bottom 10.</p>
<div class="lb-trans"><p>Intuit（INTU）和 ServiceNow 的股票是今年標準普爾 500 指數中表現最差的股票，均下跌超過 25%。Workday、Salesforce 和 AppLovin（APP）的股票也排名前十的最差表現。</p>
</div><p>Meanwhile, some of the best performers are stocks in the chip sector or adjacent to it, including S&amp;P 500 leaders Sandisk (SNDK), Western Digital (WDC) and Seagate Technology Holdings (STX). Micron Technology (MU), Lam Research (LRCX), KLA (KLAC), Applied Materials (AMAT) and Intel (INTC) are also among the top 10.</p>
<div class="lb-trans"><p>與此同時，一些表現最好的股票是芯片行業或與之相關的股票，包括標準普爾 500 指數的領頭羊 Sandisk（SNDK）、Western Digital（WDC）和 Seagate Technology Holdings（STX）。Micron Technology（MU）、Lam Research（LRCX）、KLA（KLAC）、Applied Materials（AMAT）和 Intel（INTC）也在前十名之內。</p>
</div><p>-Emily Bary</p>
<div class="lb-trans"><p>-Emily Bary</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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>01-29-26 1549ET</p>
<div class="lb-trans"><p>01-29-26 1549ET</p>
</div>

Software stocks suffer worst day in 10 months, widening the gap with hot chip stocks

- 技術行業分化加劇，芯片股票表現強勁，軟件股票則遭遇重挫。  
- 微軟和 ServiceNow 的財報未能安撫市場，投資者對 AI 威脅感到擔憂。  
- Intuit 和 ServiceNow 為 S&P 500 表現最差的股票，今年均下跌超過 25%。

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軟件股經歷了 10 個月來最糟糕的一天，與熱門芯片股之間的差距進一步擴大