甲骨文、博通引发“AI抛售2.0”

Core Viewpoint - The recent sell-off in AI concept stocks was triggered by significant declines in shares of Broadcom and Oracle, raising concerns about capital expenditures and revenue forecasts in the AI sector [3][4]. Group 1: Oracle's Performance and Concerns - Oracle's Q2 FY2026 revenue was $16.058 billion, a 14% year-over-year increase, but at the lower end of guidance and below market consensus [5]. - The company expects capital expenditures to reach $50 billion in FY2026, a 136% increase year-over-year, raising concerns about cash flow [5][7]. - Oracle's non-GAAP gross margin fell to 41.9%, down approximately 470 basis points year-over-year, which is below market expectations [7]. Group 2: Broadcom's Market Position - Broadcom is viewed as a key player in AI infrastructure, with a backlog of AI-related orders reaching $73 billion, exceeding market consensus but falling short of optimistic projections [9][11]. - Despite a 12% drop in stock price due to insufficient upward revision of AI revenue forecasts, several investment banks have raised Broadcom's target price, indicating confidence in its long-term prospects [10][11]. - Concerns remain regarding Broadcom's profit quality and valuation, particularly as it deepens its involvement with clients like Anthropic, which may pressure gross margins [12]. Group 3: Market Sentiment and Future Outlook - Investor sentiment has shifted towards profit protection, leading to reduced holdings in AI stocks as concerns about capital expenditures and returns grow [4][14]. - Analysts express mixed views on the potential for a "Christmas rally," with some indicating risks of further declines in indices like the Nasdaq 100 before year-end [14][15]. - Despite short-term volatility, Wall Street remains optimistic about mid-term U.S. stock performance, with expectations of upward adjustments in corporate earnings [15].