德银警示“科技自噬”! 除去谷歌，AI泡沫其实早就碎了一地

Core Insights - The report from Deutsche Bank indicates that the AI investment frenzy has entered a "cleansing" phase, with the market's apparent stability masking significant internal turmoil within tech stocks [1] - The S&P 500 index remains near historical highs largely due to the performance of a few tech giants, particularly Alphabet, while many other tech stocks have experienced severe declines [1][4] Group 1: Market Dynamics - Despite the S&P 500 index being close to historical highs, this is primarily attributed to a rotation of funds into defensive sectors and the exceptional performance of select tech giants [1] - The report highlights a significant shift in market sentiment from believing "every tech stock is a winner" to recognizing a stark divide between true winners and losers [8] Group 2: Performance of Tech Giants - The "Magnificent Seven" index, representing core tech assets, shows an overall decline of only about 1% from its peak, but this figure is misleading as six of the seven companies have seen stock price drops ranging from 5% to 25% [3] - Alphabet's stock has surged nearly 25% in the past three months and an astonishing 75% over the past six months, effectively offsetting losses from other companies in the group [3][4] Group 3: Market Implications - The report emphasizes that the long-term beneficiaries in the AI space will be companies that can effectively deploy AI tools that are scalable and lead to meaningful productivity improvements [8][10] - If more members of the Magnificent Seven join the ranks of "losers," the impact could extend beyond the tech sector and affect the broader macroeconomic landscape [9]