跌入熊市！超10万亿“大溃败”！两大巨头，疯狂减持！

Core Viewpoint - Amazon's stock price has experienced a nine-day decline, entering a technical bear market, making it the second member of the "Magnificent Seven" (Mag7) to do so, following Microsoft. The total market value of the Mag7 has decreased by approximately $1.51 trillion this year [1][3]. Group 1: Stock Performance - Amazon's stock closed at $198.79 per share, down over 23% from recent highs. Other major tech stocks, including Apple and Nvidia, also fell by more than 2%, while Facebook dropped over 1%. The Mag7 index declined by 1.31% [3]. - Microsoft was the first Mag7 member to enter a bear market on January 29, with its stock down 27.8% from recent highs. Meta is close to entering a bear market, down 19.6% from last year's peak, just 0.4% away from the 20% threshold [3]. Group 2: Institutional Selling - UBS and Goldman Sachs have reported significant reductions in their holdings of several major U.S. tech stocks in their recent filings with the SEC. UBS reduced its stake in Nvidia by 11.47%, selling 10.042 million shares, and also cut its positions in Microsoft, Apple, Amazon, and Google by varying percentages [4][5]. - Goldman Sachs also reduced its holdings, selling 5.86% of its Microsoft shares and 8.27% of its Tesla shares, among other reductions in other tech stocks [5]. Group 3: Market Trends and Economic Factors - The decline in the Mag7 coincides with similar trends in the A-share market, indicating a potential shift in global investment styles. For instance, Agricultural Bank of China has dropped nearly 24% from its peak [7]. - Factors contributing to these changes include investor skepticism regarding the return on investment from AI spending by tech giants and rising capital expenditures potentially leading to negative free cash flow this year. Additionally, the overall liquidity and macroeconomic landscape are influencing these trends [7]. - Recent data shows a significant drop in overnight reverse repos in the U.S. to $3.77 billion, indicating a near depletion of short-term liquidity in the market. Despite a rebound in major indices, the U.S. leveraged loan index has also declined, reflecting a strong desire for deleveraging [7].