21世纪经济报道·2025-11-09 09:21Core Viewpoint - The recent significant decline in U.S. tech stocks and the cryptocurrency market has raised concerns about the sustainability of the AI-driven market rally, with major companies experiencing substantial market value losses [1][3][6]. Group 1: U.S. Tech Stocks Performance - The Nasdaq index fell over 3% in a week, marking its worst performance since April, while the S&P 500 dropped 1.6%, ending a three-week upward trend [1]. - Major AI-related companies have seen a combined market value loss of approximately $800 billion, with Nvidia alone losing about $350 billion after a more than 7% drop [3][4]. - Companies like Microsoft and Oracle experienced significant declines, with Microsoft dropping over 4% and losing more than $150 billion in market value, while Oracle fell nearly 8%, losing over $66 billion [11]. Group 2: AI Market Concerns - There is a growing consensus that the AI market's rapid growth is based on uncertainty, with 95% of companies using generative AI not yet profitable [6]. - The AI spending in the U.S. has reportedly contributed more to GDP growth than total consumer spending, raising concerns about a potential bubble [6]. - Michael Burry, known for predicting the subprime mortgage crisis, is reportedly shorting the AI bubble, indicating fears of overinvestment and low returns leading to the collapse of leading AI companies [6]. Group 3: Cryptocurrency Market Decline - The cryptocurrency market has erased nearly all gains from the first ten months of the year within a month, with Bitcoin falling below the $100,000 mark [8][9]. - On November 7, major cryptocurrencies like Bitcoin and Ethereum saw significant drops, with trading volumes decreasing by 40% to 50% in 24 hours, leading to over 130,000 liquidations [9][10]. - The decline in institutional demand for Bitcoin has been noted, with demand falling below the rate of new coin mining, indicating a retreat from large buyers [12].