突发！AI巨头互相拆台集体杀跌

Core Viewpoint - The article discusses the recent decline in the U.S. stock market, particularly focusing on the sell-off of AI-related stocks and the shift towards more defensive sectors due to concerns over the sustainability of AI infrastructure investments [1][4]. Market Performance - On Wednesday, the S&P 500 index fell by 1.16% to 6721.43 points, the Nasdaq Composite dropped by 1.81% to 22693.32 points, and the Dow Jones Industrial Average decreased by 0.47% to 47885.97 points, marking the fourth consecutive day of decline for both the S&P 500 and Dow [1][2]. Oracle's Financing Issues - Oracle's stock price dropped approximately 5% following reports of financing issues related to a $10 billion data center project in Michigan, primarily due to concerns from Blue Owl Capital regarding Oracle's debt levels and capital expenditure intensity [2][7]. - Despite Oracle's denial of the reports and claims that the project is still progressing, investor concerns about the return on AI infrastructure investments and financing sustainability remain [2][7]. AI Sector Impact - The decline in Oracle's stock has led to a broader sell-off in AI-related stocks, with companies like Broadcom, NVIDIA, AMD, and Alphabet experiencing significant drops in their stock prices [4][10]. - The market is witnessing a shift from large growth stocks to large value stocks, as investors prepare for potential uncertainties in the coming year [4][5]. Financial Concerns - Oracle's total liabilities, including operating lease liabilities, have exceeded $124 billion, raising concerns about its financial flexibility and long-term return prospects [10]. - The company's commitments for data center and cloud computing-related leases have surged to $248 billion, a 148% increase from August levels, further intensifying investor scrutiny [9][10]. Future Outlook - Analysts suggest that the rotation from overvalued assets to more reasonably priced sectors may continue until 2026, potentially increasing market volatility [5]. - The key to determining the value of AI investments will increasingly focus on hard metrics like free cash flow, as opposed to more flexible financial indicators [5].