21世纪经济报道·2025-11-18 23:13Market Overview - The U.S. stock market experienced a collective decline, with the Dow Jones and Nasdaq both dropping over 1%, specifically the Dow down by 498.5 points [2][3] - Major technology stocks fell, with the Philadelphia Semiconductor Index leading the decline; notable drops included Amazon down 4.4% (losing approximately $110.3 billion in market value) and Nvidia down nearly 3% [3][4] Company Performance - Nvidia's stock has decreased over 10% this month, with significant sell-offs reported from major hedge funds, including Peter Thiel's fund liquidating all 537,000 shares and Bridgewater cutting its position by 65% [3][6] - Other major tech stocks also saw declines: Microsoft down 2.7%, Tesla down 1.9%, and the "Big Seven" tech stocks have collectively dropped nearly 5% this month [3][4] Chinese Stocks - In contrast, Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.42%. Notable gainers included iQIYI and NIO, both up over 6% [4] Cryptocurrency Market - Bitcoin experienced volatility, dropping below $90,000 before rebounding to above $93,000, with over 125,000 traders liquidated, totaling $482 million in losses [5][6] AI Sector Insights - Concerns have been raised regarding the sustainability of AI capital expenditures, with Barclays downgrading Oracle's debt rating. This reflects a broader skepticism about high valuations in AI-weighted stocks [6][7] - The debate continues on whether AI has inflated stock valuations to bubble levels, with some investors viewing the current AI demand as fundamentally healthier compared to the 2000 internet bubble [7]