资金逃离科技股，美债成“避风港”，10年期收益率下一步迈向3.5%？

Group 1 - Global stock markets are experiencing a sell-off triggered by fears of a technology stock valuation bubble, leading to a surge in demand for U.S. Treasury bonds as a safe haven [1][4] - DBS Bank predicts that if the stock market continues to decline, the yield on the 10-year U.S. Treasury bond could drop to 3.8%, a significant decrease from the current level of approximately 4.07% [1] - The Philadelphia Semiconductor Index and Bloomberg Asia Chip Index collectively lost about $500 billion in market value, highlighting concerns over an AI-related investment bubble [4] Group 2 - Morgan Stanley and Goldman Sachs executives have warned that stock prices may continue to fall, indicating potential for a new rally in the $73 trillion bond market [1] - Saxo Markets' chief investment strategist noted that the bond buying reflects a sell-off in AI themes, with funds moving towards safe assets as stock volatility increases [4] - Multiple factors, including a potential U.S. government shutdown, weak economic data, and liquidity issues, are contributing to sustained risk aversion in the market [4]