受博通与甲骨文业绩引发的人工智能泡沫担忧，加之美联储降息后市场对政策的谨慎情绪，以及美国国 债收益率的上扬，当地时间12月12日，美股主要指数全线下跌。 截至收盘，道指下跌245.96点，跌幅0.51%，报48458.05点；纳指下跌1.69%，报23195.17点，创两周新 低；标普500指数在11日创新高后，12日下跌1.07%，报6827.41点。 | 道琼斯工业平均指数 | ↓ 0.51% | | --- | --- | | 48.458.05 | | | 标准普尔500指数 | ↓ 1.07% | | 6,827.41 | | | 纳斯达克综合指数 | ↓ 1.69% | | 23,195.17 | | "股价下跌皆因投资者对科技公司在人工智能竞赛中巨额投入未能带来显著回报表现出极度不安情 绪。"扎德勒补充道："尽管该股在2025年业绩公布前已上涨75%，但在甲骨文业绩明显低于市场预期 后，投资者普遍认为博通也容易出现获利回吐。" 本周早些时候，美国云计算公司甲骨文也公布了大规模的支出计划，并同时给出了疲软的财务预期。彭 博社援引知情人士消息称，部分原因在于公司推迟了至少一个数据中心的建设。因此在1 ...

Core Insights - OpenAI's association with companies like Oracle and Broadcom has shifted from a growth driver to a source of significant stock price declines, with Oracle's stock dropping 16% and Broadcom's 11% in a short period [4][5][6] - The market is increasingly skeptical about OpenAI's revenue potential and ability to fulfill its contracts, particularly in light of competition from Google [4][5][7] Company Performance - Oracle reported a total revenue of $16.06 billion for Q2 FY2026, which fell short of expectations, while its cloud business revenue of $8 billion grew 34% year-over-year but did not meet analyst forecasts [12][14] - Oracle's remaining performance obligations (RPO) surged 438% to $523 billion, with $300 billion attributed to a five-year computing power procurement agreement with OpenAI, raising concerns about OpenAI's ability to meet its spending commitments [12][14][16] - Broadcom's Q4 FY2025 earnings per share reached $1.95, exceeding analyst expectations, and revenue was $18.02 billion, also above forecasts. However, the stock fell sharply due to concerns over the timing of revenue from its $73 billion AI product backlog [7][9][11] Market Impact - The combined market capitalization of major AI companies, including Oracle and Broadcom, saw a significant decline, with a total loss of approximately $547 billion (around 3.8 trillion yuan) in a single day [5][6] - Companies deeply tied to OpenAI, such as Oracle, SoftBank, Microsoft, and Nvidia, have experienced substantial stock price drops since late October, with Oracle's stock down 27.7% and SoftBank's down 34% [20][21] Competitive Landscape - OpenAI faces increasing pressure from Google's new Gemini 3 model, which is perceived to have a competitive edge in the AI ecosystem, leading to concerns about OpenAI's long-term viability [22][26] - Analysts suggest that OpenAI's ambitious expansion plans may be unrealistic, with estimates indicating that it would require over $1 trillion in investments to fulfill its commitments, raising doubts about its business model sustainability [23][25][26]

Broadcom on Thursday said its AI revenue will double in the current quarter, but shares slumped as investors focused on narrowing margins after a major run-up in the stock price. https://t.co/17zZ0l0koH ...

Core Viewpoint - The recent turbulence in AI-related stocks, particularly due to negative updates from Oracle and Broadcom, has reignited concerns about overvaluation and a potential AI bubble, yet many investors remain optimistic about the long-term prospects of AI technology [1][2][3]. Company-Specific Summaries - Oracle's stock has faced significant pressure, dropping as much as 17% since Wednesday's close, following a warning that capital expenditures for fiscal 2026 are expected to be $15 billion higher than previously estimated, and the completion dates for data centers for OpenAI have been pushed back to 2028 from 2027 [3][4][5]. - Broadcom shares fell over 11% after the company indicated that increasing sales of lower-margin custom AI processors are impacting profitability, raising concerns about the sustainability of its business model [4][5]. - Meta's shares also experienced an 11% decline after forecasting significantly larger capital expenses for the upcoming year due to AI investments, including the construction of new data centers [8]. Industry Trends - Investors are becoming more selective in the AI sector, showing less willingness to reward indiscriminate spending on AI, which has led to a notable shift in the correlation between capital spending and stock prices [7][8]. - Despite concerns about a potential bubble, data indicates that investors are not aggressively betting against the largest AI companies, with short-selling activity primarily focused on smaller and mid-cap AI stocks [10][12]. - The overall sentiment suggests that while there is skepticism regarding individual AI stocks, there is no broad consensus on an impending collapse of the AI market [11][13].

Core Viewpoint - The article discusses the significant decline in the US stock market, particularly in technology stocks, driven by concerns over the "AI bubble" and hawkish signals from Federal Reserve officials [2][9]. Market Performance - On December 12, US technology stocks experienced a sharp decline, with the Dow Jones falling by 0.51%, the Nasdaq dropping by 1.69%, and the S&P 500 decreasing by 1.07% [3]. - Major tech companies saw substantial losses, with Broadcom plummeting over 11%, Oracle and TSMC ADR down over 4%, and Nvidia down over 3% [3]. - The Philadelphia Semiconductor Index fell by over 5%, with Micron Technology down over 6% and AMD, Intel, and Applied Materials all declining by over 4% [3]. Oracle's Situation - Reports indicated that Oracle postponed the completion of data centers for OpenAI from 2027 to 2028 due to labor and material shortages, which heightened concerns about the "AI bubble" [6][8]. - Following these reports, Oracle's stock saw a significant drop, with a decline of over 6% at one point [7]. - Oracle later denied the reports, asserting that all milestones for the project remain on track and that they are in close coordination with OpenAI [7][8]. Federal Reserve's Influence - Several Federal Reserve officials released hawkish statements, leading to increased bond yields and prompting investors to withdraw from technology stocks [9][10]. - Kansas City Fed President Esther George noted that inflation remains high and the economy shows growth, advocating for a moderately restrictive monetary policy [9]. - The market is anticipating upcoming employment and inflation data, which could influence the Fed's decisions in January [10]. Interest Rate Expectations - According to CME FedWatch, the probability of a 25 basis point rate cut in January is 24.4%, while maintaining the current rate is at 75.6% [10]. - Morgan Stanley and UBS expect only one rate cut in 2024, likely in the first quarter [10][11]. - Analysts from Goldman Sachs, Wells Fargo, and Barclays predict two rate cuts in 2024, potentially in March and June [11].

Core Viewpoint - The US stock market experienced a significant downturn, particularly in the technology sector, driven by concerns over an "AI bubble" and hawkish signals from Federal Reserve officials [2][9]. Market Performance - On December 12, US stock indices collectively fell, with the Dow Jones down 0.51%, the Nasdaq down 1.69%, and the S&P 500 down 1.07% [3]. - Major tech stocks saw substantial declines, with Broadcom dropping over 11%, Oracle and TSMC ADR down over 4%, and Nvidia down over 3% [4]. AI Sector Concerns - Oracle's stock plummeted after reports indicated delays in data center construction for OpenAI due to labor and material shortages, which Oracle later denied [2][8]. - Broadcom's AI market sales outlook failed to meet investor expectations, raising fears about the sustainability of the AI sector [8]. Federal Reserve Influence - Hawkish comments from multiple Federal Reserve officials led to increased bond yields and a sell-off in tech stocks. Kansas City Fed President Esther George noted persistent inflation and a need for restrictive monetary policy [9][10]. - The market is anticipating key employment and inflation data that will influence the Fed's January policy decisions [10]. Future Rate Expectations - Current predictions suggest a 24.4% chance of a 25 basis point rate cut in January, with a 75.6% probability of maintaining current rates. By March, the cumulative probability of a 25 basis point cut rises to 41.9% [10][11].

那么，这场"美式轮动"对咱们A股投资者有什么启示？我们又该如何应对？帮主给大家几点策略思考： 第一，不必过度恐慌于外围波动，但需重视其传递的风格信号。A股的科技成长主线，尤其是AI算力等 方向，与美股联动性较强，短期情绪上可能会承压，出现跟随性调整。但这更多是情绪和估值层面的影 响，而非产业趋势的逆转。真正的核心驱动力，还是国内的产业政策和落地进度。 朋友们，我是帮主郑重。今天一早，相信很多关注外围市场的朋友心里都"咯噔"了一下——隔夜美股全 线收跌，以科技股为主的纳斯达克指数更是大跌近400点，英伟达、AMD等一众AI明星股普遍下挫。难 道美联储刚降完息，市场就要变天了？ AI的神话这么快就讲完了？先别急着下结论，帮主我做了二十 年财经记者，见过太多次这种场面。今天这下跌，表面是调整，内里却是一场再正常不过的 "健康资金 轮动" ，甚至可以说，是牛市走向更健康、更持久所必需的"中场休息"。 要理解这一点，咱们得看明白资金到底在干嘛。核心的导火索是芯片巨头博通的一份财报。它虽然公布 了亮眼的AI订单，但因为提及相关业务毛利率较低，且没有给出明年明确的AI预测，股价应声大跌超 过11%。这一下子就像推倒了第一块 ...

Company Performance - Broadcom shares fell 11.4% after the company warned of slimmer future margins, raising concerns about the profitability of AI investments [1][11] - Oracle's stock dropped 4.5% following a nearly 11% decline the previous day due to a weak financial forecast, despite denying reports of delays in data centers for OpenAI [1][11] - Nvidia, a major player in AI chips, saw a decline of 3.3%, contributing to the overall negative sentiment in the semiconductor sector [8][11] - SanDisk experienced a significant drop of 14.7%, marking it as the largest percentage decliner in the S&P 500 [8][11] - CoreWeave and Oklo also faced declines of 10.1% and 15.1%, respectively, as investors moved away from AI infrastructure companies [8][11] Market Trends - The S&P 500 and Nasdaq Composite both closed down more than 1%, with the S&P 500 losing 73.59 points (1.07%) and the Nasdaq dropping 398.69 points (1.69%) [4][11] - For the week, the S&P 500 fell 0.63% while the Nasdaq declined 1.62% [5][11] - The Dow Jones Industrial Average decreased by 245.96 points (0.51%) but managed a weekly gain of 1.05% [7][11] - Six of the 11 S&P 500 sectors closed lower, with technology stocks leading the decline at 2.9%, marking their deepest daily loss since October 10 [9][11] Investor Sentiment - Investors are shifting focus to more defensive sectors amid concerns over the AI theme and upcoming labor market and inflation data [2][3][11] - The market is exhibiting caution ahead of significant economic reports, including nonfarm payrolls and consumer inflation data, which may provide insights into economic health [3][11] - Declining issues outnumbered advancers on both the NYSE and Nasdaq, indicating a bearish sentiment among investors [10][11]

在甲骨文AI支出激增、博通业绩电话会未达投资者高预期后，媒体称，甲骨文将部分为OpenAI开发的数 据中心竣工日期从2027年推迟至2028年。甲骨文盘中跌超6%，抛售甚至波及电力股。后公司否认消 息，称所有合约数据中心均未出现延误，股价收跌4.5%。 继甲骨文和博通的业绩表现引发投资者担忧后，周五甲骨文传出的数据中心延期消息令AI概念股雪上加 霜，投资者对人工智能（AI）领域泡沫的疑虑加剧。 美东时间12日周五美股早盘，媒体报道称，甲骨文将部分为OpenAI开发的数据中心竣工时间从2027年 推迟至2028年。美股午盘时段，甲骨文否认此消息，该司发言人在电邮中表示： "选址和交付时间表是在与OpenAI签署协议后密切协调制定，并经双方共同商定。所有履行合同义务所需的 （数据中心）地址均未出现延误，有望按计划达成所有里程碑。" 甲骨文和OpenAI均拒绝对周五的数据中心消息置评。 周五当天，甲骨文盘中跌幅一度扩大至6%以上，进一步加剧了前一日业绩公布后暴跌11%后的颓势， 甲骨文否认媒体消息后，午盘跌幅还超过4%，收跌近4.5%，公布财报后两日累跌14.8%。截至周五收 盘，股价已较9月10日的巅峰跌去40% ...

Core Viewpoint - Broadcom Inc. (NASDAQ:AVGO) is a significant player in the technology sector, providing a wide range of semiconductor and infrastructure software solutions, and is currently seen as an attractive investment opportunity due to its growth potential and strong financial health [1][6]. Stock Performance - Over the past month, AVGO has gained approximately 5.23%, despite a recent dip of 7.33% in the last 10 days, indicating a potential buying opportunity for investors [2][6]. - The stock's recent performance suggests it may have reached a local minimum, making it appealing for those looking to invest in a stock with recovery potential [2]. Growth Potential - AVGO's growth potential is estimated at 26.60%, indicating that the stock is currently undervalued and has substantial upside for long-term investors [3][6]. - This potential for appreciation makes AVGO an appealing choice for those willing to hold the stock as it approaches its estimated value [3]. Financial Health - The Piotroski Score of 8 for AVGO highlights its strong financial health, reflecting robust fundamentals and efficient operations [4][6]. - A high Piotroski Score is a positive indicator for investors, suggesting that Broadcom is well-positioned for continued growth and stability [4]. Target Price - The target price for AVGO is set at $452.93, underscoring the potential for substantial returns and serving as a benchmark for evaluating the stock's future performance [5].