Core Viewpoint - The recent decline in the U.S. stock market is primarily attributed to the rapid rise of the open-source AI model DeepSeek, which has triggered a significant sell-off in major U.S. tech stocks, rather than the trade protectionist policies of the Trump administration [1][4]. Group 1: Impact of DeepSeek on U.S. Tech Stocks - The launch of DeepSeek's open-source AI model has shaken investor confidence in the substantial investments made by U.S. tech giants in AI, leading to a surge in investments in Chinese tech companies as a new attractive investment direction [2]. - The "Magnificent Seven" U.S. tech stocks have faced significant sell-offs since the end of January, contributing to a technical adjustment in the Nasdaq Composite Index, which has dropped approximately 13% from its all-time high on December 16 [2][3]. - The combined market value of the "Magnificent Seven" has evaporated by over $830 billion, marking the largest single-day market loss for these companies [2]. Group 2: Market Reactions and Economic Policies - The U.S. stock market's performance has been negatively impacted by the high valuation concerns and the aggressive spending on AI by U.S. tech giants, especially following the introduction of DeepSeek [3]. - The Trump administration's high tariff policies have been downplayed by U.S. Treasury Secretary Scott Bentsen, who emphasized that the market's volatility is more related to specific sell-offs in large tech stocks rather than the tariffs [4][5]. - Investors have begun to withdraw from U.S. risk assets, leading to significant sell-offs in top-performing tech stocks since October 2022, as uncertainty surrounding the Trump administration's economic policies grows [6].
美国财长贝森特竟“掩耳盗铃”：触发美股暴跌的是“DeepSeek时刻” 而非特朗普关税