AI热潮骤然熄火，高盛总结背后三大原因！

Core Viewpoint - Recent volatility in US tech stocks, particularly in the AI sector, has halted previous upward momentum, with the S&P 500 index experiencing significant declines [1][3]. Group 1: Market Volatility Factors - Three main factors contributing to increased market volatility include rising skepticism about AI prospects, negative asymmetry in tech earnings reports, and concerns over a deteriorating US job market [3][4]. - OpenAI's comments regarding federal government "guarantees" for AI infrastructure spending have particularly unsettled the market [3][5]. Group 2: AI Skepticism - There is a growing bearish sentiment among investors regarding AI trades, despite stable high levels of positions, making it difficult to short or underweight this strong momentum [4]. - Factors driving skepticism include the cyclical nature of cloud computing trades, a peak in news flow, and general concerns over investment returns [4]. Group 3: Earnings Report Discrepancies - Tech stocks have struggled to achieve positive returns following earnings releases, with notable declines in individual stocks such as DoorDash (-15%), HubSpot (-17%), and Meta (-12%) [6][11]. - The negative asymmetry in earnings reactions is prompting investors to reassess risk-return ratios ahead of year-end, especially given recent rapid price increases in certain sectors [11]. Group 4: Employment Market Concerns - US companies announced layoffs of 153,000 in the previous month, three times higher than the same period last year, marking the highest October figure since 2003 [12]. - The rise in layoffs is attributed to AI applications, weak consumer and business spending, and rising costs, leading to tightened budgets and hiring freezes [12]. - The market is grappling with the potential unemployment issues stemming from AI advancements, weighing the balance between productivity gains and job losses [12].