Zheng Quan Shi Bao·2025-10-30 22:34Core Viewpoint - The U.S. stock market experienced significant volatility, with major indices showing mixed performance, particularly in the tech sector, where several large companies faced substantial declines [1][3]. Group 1: Market Performance - The Nasdaq index fell by 0.93%, while the Dow Jones increased by 0.72%, indicating a divergence in market trends [3]. - Major tech stocks suffered losses, with Meta dropping nearly 13%, Tesla and Oracle down over 4%, and Broadcom down over 3% [3]. - eBay's stock plummeted over 15%, marking its largest drop since 2008, despite reporting a 9% year-over-year sales increase to $2.82 billion [4]. Group 2: Cryptocurrency Market - The cryptocurrency market faced a significant downturn, with Bitcoin and Ethereum both dropping over 3%, leading to over $11 billion in liquidations and affecting more than 210,000 traders [4][5]. - The decline in cryptocurrency prices also impacted related stocks, with companies like Canaan and Coinbase experiencing notable drops [4]. Group 3: Gold and Silver Prices - In response to rising market risk aversion, gold prices increased by 1.65% to $3,994.26 per ounce, while silver prices surged by 2.61% to $48.72 per ounce [5]. Group 4: AI Bubble Discussion - Discussions around a potential AI bubble are intensifying, with UBS noting that six out of seven conditions for bubble formation are currently present [7]. - The report highlights that the current P/E ratio for major tech companies is 35, significantly lower than the 60 seen during the dot-com bubble, suggesting that while enthusiasm exists, extreme valuation levels have not yet been reached [8]. - UBS warns that if a bubble exists, it may manifest in high profit margins for tech and semiconductor stocks, which could face pressure from increased competition [9].