科技股低迷美股开启板块轮动，年末行情如何演绎

Core Viewpoint - The article discusses the recent performance of Oracle and Broadcom, highlighting market skepticism regarding the growth potential of artificial intelligence (AI) and the resulting sector rotation towards small-cap and value stocks [3]. Group 1: AI Sector Performance - Oracle's quarterly revenue was weak, with high capital expenditures and long-term lease commitments, leading to a nearly 16% drop in stock price over two trading days [4]. - The decline in Oracle's stock has negatively impacted other AI-related companies like NVIDIA and Micron, raising concerns about the sustainability of their business models reliant on debt for AI infrastructure [4]. - Oracle's credit default swap (CDS) spreads have reached their highest level since 2009, reflecting increased market anxiety [4]. - Broadcom's stock fell over 10% despite exceeding revenue and profit expectations, as concerns grew over its largest customer, Google, potentially increasing in-house chip development [5]. - Broadcom secured significant contracts, including a $21 billion deal with Anthropic for custom chips, but faces pressure from rising storage chip prices [5]. Group 2: Market Trends and Investor Sentiment - The divergence in U.S. stock performance shows a shift of funds from large-cap tech stocks to small-cap stocks and sectors with strong value attributes, such as healthcare [7]. - Recent data indicates a net inflow of $3.3 billion into U.S. equity funds, with significant investments in metals, mining, and healthcare [7]. - Analysts predict a positive market outlook for the holiday season, supported by signals of economic resilience from the Federal Reserve [7]. - Goldman Sachs strategists maintain a long-term target for the S&P 500 index at around 7600 points by 2026, driven by steady economic growth and AI's integration into business [8]. - Other financial institutions also express optimism for the U.S. stock market, forecasting over a 10% increase in 2026 [8].