证券时报·2025-11-14 15:19Core Viewpoints - The technology sector continues to experience a downward trend, impacting major U.S. stock indices, with the Dow Jones, Nasdaq, and S&P 500 all declining over 1% [1][2] - Major tech stocks such as Nvidia, Tesla, and Google have seen significant declines, with Nvidia down 2.12%, Tesla down nearly 4%, and Google down 2.49% [2][3] Technology Sector Performance - The U.S. technology giants index fell 3.2% last week and 0.7% in the first four trading days of this week [5] - Nvidia has retreated nearly 10% from its recent highs, while Tesla has dropped 12% this month, and Meta has seen a decline of over 20% since its peak in August [5] - CoreWeave, considered a shadow stock of Nvidia, has plummeted over 40% this month, raising concerns about its business model and reliance on Nvidia [5] Market Sentiment and Institutional Views - Investors are questioning whether the AI bubble is beginning to burst, with differing opinions among financial institutions [6][8] - Citigroup has significantly reduced its holdings in major tech stocks like Nvidia, Microsoft, Apple, and Amazon, while increasing bearish options on small-cap stocks [9] - Conversely, JPMorgan's top holdings still include major tech stocks, with Nvidia being its largest position, having increased its holdings by 5.63% [9] - Wells Fargo has continued to buy tech stocks, with its top purchases including Apple, Google, and Nvidia [9] Earnings Outlook - Nvidia is set to release its quarterly earnings report on November 19, which is expected to significantly influence market sentiment [11] - Citigroup maintains a "buy" rating on Nvidia, raising its target price from $210 to $220 per share, citing supply constraints in AI chip production [11] Federal Reserve and Economic Outlook - The recent U.S. government shutdown has created uncertainty regarding economic data, which may delay or hinder the Federal Reserve's ability to lower interest rates [13][15] - The probability of a rate cut in December has dropped from 90% to about 50%, reflecting a cautious stance from several Federal Reserve officials [14][15]