黄金美股罕见同步下跌：万亿美元凭空蒸发，到底谁在抽干华尔街？

Core Viewpoint - The current market situation on Wall Street is concerning despite the signing of a trade agreement between the US and China, which was expected to boost market sentiment [1][2]. Group 1: Market Performance - The Nasdaq and S&P 500 indices, which had been performing well, have recently experienced a downturn, breaking their upward trend and entering a phase of volatility [5]. - Nvidia's market value has dropped significantly, losing 10% in just two weeks, indicating a broader concern about the sustainability of tech stock valuations [4][7]. Group 2: AI Sector Concerns - The AI sector is facing scrutiny, with warnings about a potential bubble, particularly highlighted by Michael Burry's recent comments and his fund's short positions on Nvidia and Palantir [6][7]. - Despite strong earnings reports from companies like Nvidia and Palantir, their stock prices have plummeted, suggesting a loss of investor confidence in the AI narrative [7]. Group 3: Economic Indicators - The slowdown in revenue growth for major players like TSMC raises alarms about the overall health of the AI industry, as it reflects a significant drop from previous performance levels [9]. - The interconnectedness of AI companies, where investments are often recycled back into purchasing each other's products, mirrors the financing practices seen during the dot-com bubble [11][13]. Group 4: Liquidity Crisis - The current market downturn is attributed more to a liquidity crisis rather than a simple correction in tech stocks, with both gold and tech stocks experiencing declines simultaneously [20][25]. - The US Treasury's inability to spend due to a government shutdown has led to a significant accumulation of funds in its accounts, effectively draining liquidity from the market [22][26]. Group 5: Future Outlook - The market's current volatility is not solely due to the fading AI narrative but rather a tightening of liquidity that forces a reevaluation of asset values [27]. - While AI may not necessarily lead to a repeat of the internet bubble, the withdrawal of liquidity will expose vulnerabilities in overvalued assets [32].