2 1 Shi Ji Jing Ji Bao Dao·2025-11-18 23:17Market Overview - The U.S. stock market experienced a collective decline, with the Dow Jones and Nasdaq both falling over 1%, and the Dow dropping by 498.5 points [1][2]. Major Indices Performance - Dow Jones closed at 46,091.74, down 498.50 points (-1.07%) - Nasdaq closed at 22,432.85, down 275.22 points (-1.21%) - S&P 500 closed at 6,617.32, down 55.09 points (-0.83%) [2]. Technology Sector Performance - Major tech stocks saw significant declines, with the Philadelphia Semiconductor Index leading the drop. Notable declines included: - Micron Technology down nearly 6% - AMD down over 4% - Amazon down 4.4%, losing approximately $110.3 billion in market value (around ¥783.99 billion) [2][3]. - The "Big Seven" tech stocks have collectively dropped nearly 5% this month [2]. Nvidia and AI Sector - Nvidia's stock fell nearly 3%, with a month-to-date decline exceeding 10%. The company is set to release its Q3 earnings after the market closes on Wednesday [2]. - Significant sell-offs were reported from major hedge funds, including Peter Thiel's fund liquidating all 537,000 shares of Nvidia, and Bridgewater cutting its Nvidia position by 65% [2]. Chinese Stocks Performance - Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.42%. Notable gainers included: - iQIYI and NIO both up over 6% - Baidu up nearly 3% [3]. Cryptocurrency Market - Bitcoin experienced volatility, dropping below $90,000 before rebounding to above $93,000. Over 125,000 traders faced liquidation, totaling approximately $482 million [4][5]. Analyst Insights - Analysts noted that recent institutional sell-offs of Nvidia and other tech stocks are due to high valuations and concentrated holdings. Concerns were raised about the sustainability of AI capital expenditures, especially after Barclays downgraded Oracle's debt rating [5]. - The debate continues regarding whether AI has inflated stock valuations to bubble levels, with some investors viewing the current AI demand as fundamentally healthier compared to the 2000 internet bubble [6].