Nvidia(US:NVDA) 第一财经·2025-11-12 23:43Core Viewpoint - The article discusses the recent decline in the U.S. stock market, particularly the Nasdaq Composite Index, which fell over 3%, marking its largest drop in nearly seven months. Institutional investors are adopting a "buy the dip" strategy, while retail investors are hesitant to enter the market [3][4]. Institutional Buying - U.S. Bank's trading department reported a net inflow of $4.3 billion into exchange-traded funds (ETFs) last week, the highest weekly total since December 2022. This buying activity was primarily driven by institutional clients, contrasting with retail investors who chose to remain on the sidelines during the market pullback [5][6]. Technology Sector Sentiment - The enthusiasm for technology stocks remains high among institutional investors, with a significant portion of fund managers still bullish on major tech companies. A recent survey indicated that 39% of managers are long on the seven largest tech firms, making it the second most crowded trade after gold [6][7]. Valuation Concerns - Recent news, such as SoftBank's reduction of Nvidia shares and CoreWeave's lowered performance expectations, has reignited concerns over the rapid valuation increases of tech companies. The short interest in North American semiconductor stocks has reached its highest level of the year at 0.285% [7][8]. Market Dynamics - Investors are caught between the fear of missing out on AI-related opportunities and the risk of a potential market bubble reminiscent of the internet bubble era. The Dow Jones Industrial Average has shown strength, reaching a record high for the year, indicating a rotation in market sectors [8][9]. Recommendations from Analysts - Wells Fargo's investment research suggests reducing exposure to AI-themed tech stocks due to overly optimistic market expectations. The firm has downgraded the rating of the S&P 500 Information Technology sector from "bullish" to "neutral" [9][10]. Future Market Outlook - Goldman Sachs predicts that the S&P 500 index could reach 7,600 points by the end of 2026, representing an 11% increase from current levels. However, they caution that high stock concentration in the market poses a significant uncertainty for future returns [10].