KCM Trade分析师Tim汇评 | 科技股估值过高是否合理？

Group 1 - The core viewpoint of the article highlights the volatility in the U.S. tech stocks, with the Nasdaq index dropping by 2%, despite large tech companies exceeding earnings expectations during the earnings season [1] - Palantir reported earnings per share (EPS) and revenue that surpassed expectations, along with an optimistic performance outlook, yet its stock price declined due to concerns over inflated valuations in AI-related technologies [1][3] - The current valuation of the S&P 500 index is around 23 times expected earnings, significantly higher than the historical average of approximately 17 times, raising concerns about potential overvaluation [1] Group 2 - The article draws parallels between the current AI-driven market surge and the internet bubble of the early 2000s, noting similarities in high valuations but differences in actual profit generation and interest rate trends [3] - The strong U.S. dollar has impacted various markets, including gold and oil, with gold prices retreating from the $4000 mark and U.S. crude oil prices falling to $60.20 per barrel [3][4] - The upcoming U.S. non-farm payroll (NFP) data is anticipated to be delayed due to government shutdown, increasing the significance of the ADP employment data, which is expected to show an addition of approximately 30,000 jobs [6]