半导体芯闻·2025-11-05 10:30Core Viewpoint - The global semiconductor stock sell-off is accelerating, with a total market value loss of approximately $500 billion (around 35,600 million RMB) over two trading days, reflecting investor concerns about the overvaluation of AI-related stocks [2]. Group 1: Market Reaction - The Philadelphia Semiconductor Index and Bloomberg Asia Chip Index experienced a significant drop, with major companies like Samsung Electronics and SK Hynix contributing to a 6.2% decline in South Korea's KOSPI index [2]. - The sell-off was exacerbated by disappointing earnings reports from Palantir and AMD, leading to further declines in Asian markets [3]. - The market is showing a gloomy risk outlook, with investors advised to remain cautious and open to the possibility of further deterioration [3]. Group 2: Valuation Concerns - There is growing concern over the high valuations of AI stocks, with the Philadelphia SOX Index's price-to-earnings ratio nearing 28, compared to its five-year average of less than 22 [3]. - Some analysts view the current market correction as a healthy development that could make stock prices more attractive in the long run, especially as major cloud service providers like Amazon and Meta continue to invest in AI [3]. Group 3: Investor Sentiment - Hedge fund managers and analysts are warning investors to prepare for market pullbacks, influenced by reduced expectations for interest rate cuts and ongoing government shutdowns in the U.S. [2]. - The "Retail Favorites Index" from Goldman Sachs fell by 0.6%, indicating that retail investors are facing greater volatility compared to the broader market [3]. - Some market participants believe that now may be a good time to seek buying opportunities despite the current turmoil [4].