<p>作者：Isabel Wang 和 Christine Ji</p>
<p>股市仍然無法在沒有 “七大巨頭” 羣體的情況下創下新紀錄</p>
<p>2026 年，市場沒有經歷過像這一週這樣的幾周。</p>
<p>納斯達克綜合指數和標準普爾 500 指數在整個星期內持續下跌，內存芯片股票和 “七大巨頭” 受到重創，投資者對科技公司在人工智能上的巨大投資越來越持懷疑態度。</p>
<p>本週納斯達克綜合指數下跌了 4.6%，創下自 6 月 5 日以來的最差周表現，而標準普爾 500 指數下跌了 2%。這一週的損失加劇了科技重型指數本已嚴峻的月份，納斯達克有望創下自 2025 年 3 月以來的最大月度跌幅，截至 6 月已下跌約 6.2%，根據道瓊斯市場數據。</p>
<p>所謂的 “七大巨頭” 科技公司，這些在近年來推動市場創下歷史新高的巨型股票，本月總共損失了近 2.8 萬億美元的市值，如果保持這一趨勢，將創下月度紀錄，依據 FactSet 數據。</p>
<p>此次拋售在科技行業中廣泛發生，涵蓋了內存芯片製造商、半導體和超大規模雲計算公司。內存芯片股票，如美光科技（MU）和閃迪（SNDK），通常受自身週期的驅動，與長期支撐整體股市的超大規模雲計算公司一起下跌。投資者曾經尋求避風港的公司也被捲入了此次拋售。</p>
<p>“從我的角度來看，關鍵在於內存芯片的需求幾乎是一夜之間增長，這推動了內存股票的巨大增長，但這也是一個供應問題，推動價格上漲，” Zacks 投資管理公司的首席市場策略師 Brian Mulberry 表示。“這歸結為七大巨頭的另一個成本增加，已經對未來的利潤產生了擔憂，” 他補充道。</p>
<p>在表面之下，推動人工智能繁榮的科技領導層正在發生變化。雖然七大巨頭在週期早期佔據主導地位，但 Sierra Alpha Research 的總裁兼首席策略師 David Keller 在週五告訴 MarketWatch，投資者正在 “進一步向半導體領域的供應鏈上游移動”。</p>
<p>內存芯片的一個關鍵瓶頸使美光和其他公司獲得了前所未有的定價權。面對不斷上漲的內存成本，超大規模雲計算公司提高了資本支出預測，而本週早些時候，蘋果（AAPL）因組件成本上漲宣佈了產品價格上漲。</p>
<p>投資者謹慎是正確的。人工智能股票享受了多年主要由預期驅動的市盈率擴張，而不是實際利潤。市場獎勵那些承諾人工智能驅動未來的公司，往往忽視尚未與投資規模相匹配的收益。隨着最近對內存和其他半導體公司的輪換，市場領導力越來越依賴於當前的供需動態持續存在。</p>
<p>美光目前的勢頭基本上是對內存瓶頸 “永續存在” 的押注，而 Keller 認為這並不是一個可能的情景。</p>
<p>科技的一個角落一直被排除在人工智能熱潮之外，本月也不例外。軟件提供商受到重創，投資者懷疑他們的商業模式是否會被人工智能取代，Salesforce（CRM）、ServiceNow（NOW）和 Palantir（PLTR）等股票在最近幾周進一步下滑。</p>
<p>在 5 月，軟件股票在半導體股票降温時經歷了小幅反彈——這表明投資者將這兩個羣體視為一對交易。但現在整個行業正經歷一場似乎無差別的拋售。</p>
<p>即使美光的業績異常強勁，也不足以提振整體市場，野村證券跨資產策略董事總經理 Charlie McElligott 表示。“美國股市目前正在自我撕裂，無法在沒有 [七大巨頭] 羣體參與的情況下創下新高，而在這種情況下，更具體地説，超大規模雲計算公司自 5 月底以來集體下跌了 16.4%。”</p>
<p>-Isabel Wang -Christine Ji</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>06-26-26 1716ET</p>

亞馬遜

谷歌-C

標普 500 指數

<p>科技股經歷了近一年來最糟糕的一週，納斯達克指數下跌了 4.6%，標準普爾 500 指數下跌了 2%，原因是投資者對人工智能投資成本的懷疑。被稱為 “七大巨頭” 的公司本月損失了近 2.8 萬億美元。儘管像美光科技這樣的內存芯片製造商因供應瓶頸而獲利，但整體科技領導地位發生了變化，軟件提供商也出現了下滑。市場在沒有主要科技股參與的情況下，仍然無法達到新高</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>股市仍然無法在沒有 “七大巨頭” 羣體的情況下創下新紀錄</p>
</div><p>Markets haven't had many weeks in 2026 like this one.</p>
<div class="lb-trans"><p>2026 年，市場沒有經歷過像這一週這樣的幾周。</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>納斯達克綜合指數和標準普爾 500 指數在整個星期內持續下跌，內存芯片股票和 “七大巨頭” 受到重創，投資者對科技公司在人工智能上的巨大投資越來越持懷疑態度。</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>本週納斯達克綜合指數下跌了 4.6%，創下自 6 月 5 日以來的最差周表現，而標準普爾 500 指數下跌了 2%。這一週的損失加劇了科技重型指數本已嚴峻的月份，納斯達克有望創下自 2025 年 3 月以來的最大月度跌幅，截至 6 月已下跌約 6.2%，根據道瓊斯市場數據。</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>所謂的 “七大巨頭” 科技公司，這些在近年來推動市場創下歷史新高的巨型股票，本月總共損失了近 2.8 萬億美元的市值，如果保持這一趨勢，將創下月度紀錄，依據 FactSet 數據。</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>此次拋售在科技行業中廣泛發生，涵蓋了內存芯片製造商、半導體和超大規模雲計算公司。內存芯片股票，如美光科技（MU）和閃迪（SNDK），通常受自身週期的驅動，與長期支撐整體股市的超大規模雲計算公司一起下跌。投資者曾經尋求避風港的公司也被捲入了此次拋售。</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>“從我的角度來看，關鍵在於內存芯片的需求幾乎是一夜之間增長，這推動了內存股票的巨大增長，但這也是一個供應問題，推動價格上漲，” Zacks 投資管理公司的首席市場策略師 Brian Mulberry 表示。“這歸結為七大巨頭的另一個成本增加，已經對未來的利潤產生了擔憂，” 他補充道。</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，推動人工智能繁榮的科技領導層正在發生變化。雖然七大巨頭在週期早期佔據主導地位，但 Sierra Alpha Research 的總裁兼首席策略師 David Keller 在週五告訴 MarketWatch，投資者正在 “進一步向半導體領域的供應鏈上游移動”。</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>內存芯片的一個關鍵瓶頸使美光和其他公司獲得了前所未有的定價權。面對不斷上漲的內存成本，超大規模雲計算公司提高了資本支出預測，而本週早些時候，蘋果（AAPL）因組件成本上漲宣佈了產品價格上漲。</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>投資者謹慎是正確的。人工智能股票享受了多年主要由預期驅動的市盈率擴張，而不是實際利潤。市場獎勵那些承諾人工智能驅動未來的公司，往往忽視尚未與投資規模相匹配的收益。隨着最近對內存和其他半導體公司的輪換，市場領導力越來越依賴於當前的供需動態持續存在。</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>美光目前的勢頭基本上是對內存瓶頸 “永續存在” 的押注，而 Keller 認為這並不是一個可能的情景。</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>科技的一個角落一直被排除在人工智能熱潮之外，本月也不例外。軟件提供商受到重創，投資者懷疑他們的商業模式是否會被人工智能取代，Salesforce（CRM）、ServiceNow（NOW）和 Palantir（PLTR）等股票在最近幾周進一步下滑。</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，軟件股票在半導體股票降温時經歷了小幅反彈——這表明投資者將這兩個羣體視為一對交易。但現在整個行業正經歷一場似乎無差別的拋售。</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>即使美光的業績異常強勁，也不足以提振整體市場，野村證券跨資產策略董事總經理 Charlie McElligott 表示。“美國股市目前正在自我撕裂，無法在沒有 [七大巨頭] 羣體參與的情況下創下新高，而在這種情況下，更具體地説，超大規模雲計算公司自 5 月底以來集體下跌了 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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《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.

- 納斯達克綜合指數本週下跌 4.6%，S&P 500 下跌 2%。  
- "七巨頭"本月合計市值蒸發近 2.8 萬億美元。  
- 投資者對技術公司在人工智能上的重大投資越來越持懷疑態度。

Dow Jones

納斯達克綜合指數

美光科技

谷歌-A

標普 500 ETF - iShares

3 倍做多納指 ETF - ProShares

納斯達克 100 指數 ETF - Invesco

標普 500 指數股票型基金

1 倍做空 MU ETF - Direxion

2 倍做多美光科技 ETF - Direxion

標普 500 ETF - Vanguard

3 倍做多標普 500 ETF - ProShares

亞馬遜每日 1 倍做空 ETF - Direxion

Tradr 2X Short AMZN Daily ETF

亞馬遜每日 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 指數 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

組合標普 500 ETF - SPDR

3 倍做多標普 500 ETF - Direxion

Roundhill GOOGL WeeklyPay ETF

2 倍做多標普 500 ETF - ProShares

做空標普 500 ETF - ProShares

3 倍做空標普 500 ETF - Direxion

3 倍做空標普 500 ETF - ProShares

2 倍做空標普 500 ETF - ProShares

Neos S&P 500 High Income ETF

股票溢價收益 ETF - JPMorgan Chase

標普 500 買入指數 ETF

納斯達克綜合指數 ETF - Fidelity

納指 100 ETF - Invesco

納斯達克 100 平均加權指數 ETF - First Trust

納指 100 加權指數 ETF - Direxion

2 倍做多納斯達克 100 指數 ETF - ProShares

1 倍做空納斯達克 100 指數 ETF - ProShares

3 倍做空納指 ETF - ProShares

2 倍做空納斯達克指數 ETF - ProShares

2 倍做多 MU ETF - GraniteShares

GraniteShares YieldBOOST MU ETF

Defiance Daily Target 2X Short MU ETF

閃迪

蘋果

賽富時

現在服務

Palantir Tech

Sandisk - WI

科技股剛剛經歷了一年來最糟糕的一週。以下是人工智能勢頭如何偏離軌道的分析