大跳水，AI突发

Core Viewpoint - The market's concerns regarding the valuation of technology stocks, particularly in the AI sector, remain unresolved, leading to significant declines in stock prices across Asia, especially for SoftBank Group [1][3][5]. Market Reaction - The Japanese stock market experienced a sharp decline, with the Nikkei 225 index dropping over 1000 points at one point, closing down 1.19% at 50,276 points [3]. - SoftBank Group's stock fell nearly 20% over four trading days, with a market capitalization loss exceeding 7.6 trillion yen (approximately 35 billion RMB) [1][3]. AI Valuation Concerns - The recent downturn in AI-related stocks is attributed to fears of overvaluation, reminiscent of the late 1990s internet bubble, as stock prices have surged far beyond actual earnings expectations [6]. - The Philadelphia Semiconductor Index's forward P/E ratio is currently close to 28, compared to its five-year average of less than 22, indicating heightened valuation concerns [6]. SoftBank's Position - As a major investor in AI infrastructure, semiconductors, and applications, SoftBank's stock volatility reflects broader market apprehensions about the AI industry's profitability and high valuations [3][6]. - Analysts suggest that SoftBank's stock decline is linked to its role as the only publicly traded agent for OpenAI, highlighting investor caution regarding the AI sector's future [3][9]. OpenAI's Funding Challenges - OpenAI's CFO sparked controversy by suggesting government-backed loans to reduce financing costs, which was met with backlash and clarification that the company does not seek such guarantees [8][9]. - Despite OpenAI's optimistic revenue projections, market skepticism persists regarding its ability to fulfill significant investment commitments, raising concerns about the sustainability of its funding model [9].