1999狂欢重演？华尔街延用互联网时代战术对付AI泡沫

Core Viewpoint - Large investors are shifting strategies reminiscent of the late 1990s, moving funds from AI giants like Nvidia to more reasonably valued software, robotics, and Asian tech stocks, seeking "second-line winners" in the AI ecosystem [2][3]. Historical Reference - Historical context shows that during the internet bubble from 1998 to 2000, hedge funds successfully navigated the market by employing a rotation strategy, outperforming the market by approximately 4.5% per quarter [5]. Investment Strategy - Investors are adopting a "sell shovels" logic, focusing on benefiting from the AI data center and chip procurement wave rather than directly investing in major companies like Amazon and Microsoft [7]. - Specific companies such as IT consulting firms and Japanese robotics groups are favored for their potential to earn from AI giants [7]. Bubble Concerns and Diversification - Despite strong earnings backing major AI stocks, some investors see elements of a bubble, warning of potential overcapacity in data centers reminiscent of the telecom industry's fiber optic boom [9]. - To hedge against potential downturns in AI stocks, some investors are diversifying into European and healthcare assets [10].