英伟达业绩“爆表”，美股市场却大跌，到底发生了什么？

Core Viewpoint - Nvidia's impressive earnings report did not lead to the expected market rally, instead resulting in a significant market downturn, highlighting the sensitivity of high-valuation stocks to interest rate expectations [1][5][11]. Financial Performance - Nvidia reported Q3 2026 fiscal year revenue of $57 billion, a year-over-year increase of approximately 62% and a quarter-over-quarter increase of about 22% [2]. - The data center business generated $51.2 billion in revenue, reflecting a year-over-year growth of 66% and a quarter-over-quarter growth of 25% [2]. - The GAAP gross margin was around 73%, indicating strong profitability [2]. - Nvidia's management provided a Q4 revenue guidance of approximately $65 billion, significantly above market expectations [2]. Market Reaction - Following the earnings report, futures and after-hours stock prices rose, with the S&P 500 and Nasdaq initially showing strong gains [3]. - However, the market reversed course within half a day, leading to a decline in major indices and Nvidia's stock price [4][5]. Economic Indicators - The release of the delayed September U.S. non-farm payroll report showed mixed results, with job additions of approximately 119,000, exceeding expectations of 50,000, but the unemployment rate rose to 4.4% [6][7]. - This data suggested a robust economy, which tempered expectations for immediate interest rate cuts by the Federal Reserve [7]. Technical Factors - A significant amount of options expired, triggering mechanical selling pressure in the market [9]. - The market experienced a broader risk reduction and deleveraging, affecting not only U.S. stocks but also cryptocurrencies [10]. Investment Insights - The day’s events indicated a re-evaluation of valuations and positions rather than a fundamental decline in the AI sector [11]. - Investors are advised to maintain a balanced approach to AI investments, diversifying across various assets rather than concentrating on a single stock [14].