东吴证券最新研报指出，近期海外市场持续担心美股AI泡沫叠加美国科技股龙头财报表现分化，例如 谷歌云计算及搜索业务超预期，印证了AI工具推动科技巨头广告业务份额提升的说法，但是对比来看 Meta，虽然营收好于预期，但是由于Capex显著加速，市场担忧未来利润受到一定侵蚀，映射到港股方 面，投资者对科技持观望态度。不过，该机构认为，尽管美国科技龙头会影响港股AI科技交易节奏， 但从中长期看当前港股科技点位有吸引力。考虑科技龙头内卷接近尾声，该机构认为明年一季度港股 EPS会边际回升。 尽管短期承压，但从估值角度看，当前或许正是"危中有机"时刻。数据显示，截至11月4日，恒生科技 指数ETF(513180)标的指数最新估值(PETTM)仅为22.59倍，处于指数发布以来约26.83%的估值分位点。 换句话说，当前估值比历史上73%以上的时间都要便宜，已经进入历史低估区间。 从历史经验看，当市场陷入极度恐慌时，往往也是长线资金逆向布局的良机。尽管短期面临美股AI泡 沫论的情绪冲击，但AI产业革命的大趋势并未改变。港股科技板块作为中国AI产业的核心资产，在美 联储降息周期下有望迎来外资回流，叠加南向资金的持续增持，四季 ...

Core Viewpoint - The significant decline in the market value of global semiconductor manufacturers highlights growing investor concerns over the high valuations of tech stocks, particularly in the context of potential prolonged high interest rates [1] Group 1: Market Impact - The Philadelphia Semiconductor Index and the index tracking Asian chip stocks collectively lost approximately $500 billion in market value due to a sell-off [1] - The recent downturn indicates that the surge in semiconductor stocks driven by the AI boom has become excessively overstretched [1] Group 2: Investor Sentiment - Since the low in April, semiconductor manufacturers' market value had increased by several trillion dollars as investors bet on a surge in AI computing demand [1] - The current market correction reflects increasing concerns regarding the industry's profit outlook and excessively high valuations [1] Group 3: Expert Commentary - Chris Weston, head of research at Pepperstone Group, described the market as a "sea of blood," indicating a grim risk outlook and suggesting that the adjustment could potentially widen further [1] - Weston noted that there are currently almost no reasons to buy into the market [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月5日｜AI泡沫担忧升温，隔夜美股科技股大跌拖累纳指跌超2%，亚太股市今早集体下挫。A 股三大指数集体低开，沪指低开0.95%，深证成指低开1.68%，创业板指低开2.08%。存储芯片、算力硬 件、贵金属、电池板块跌幅居前。 (责任编辑：宋政 HN002) ...

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今年以来，随着美股科技巨头估值屡创新高，市场对AI过热迹象的担忧与日俱增。而近期，OpenAI天量IPO的传闻，更是将这种担忧推向了顶 峰。 据路透社报道，OpenAI 最早可能在2026年前后提交上市申请，目标募集资金可能超过600亿美元，估值更是高达 1万亿美元。若真的兑现，那么 OpenAI将成为美股史上规模最大IPO之一。 在市场为这场"AI淘金热"欢呼的同时，一个不容忽视的规律正在敲响警钟：历史上的"巨无霸IPO"往往伴随着市场见顶的"魔咒"。这迫使投资者必 须冷静审视当前美股的估值，警惕2000年互联网泡沫的幽灵重现。 （原标题：OpenAI上市，会是美股的"中石油"？） 作者 | 丁卯 编辑 | 张帆 那么，历史上的"巨无霸IPO"是否真的对泡沫行情有指示作用？目前美股市场存在AI泡沫吗？ "巨无霸IPO"魔咒 从历史复盘看，"巨无霸IPO"的出现确实对市场有一定的风险警示作用。这背后的逻辑主要体现在两个层面： 一方面，最直接的影响是"巨无霸IPO"会出现强大的虹吸效应，迅速抽干其他板块的血液。当市场上的流动资金涌向巨无霸公司时，容易引起市场 结构性"失血"，从而加剧整体市场的波动。 另一方面， ...

Core Viewpoint - Major Wall Street banks, including Goldman Sachs and Morgan Stanley, have warned of a potential market correction, exacerbated by growing concerns over an AI investment bubble [1][2] Market Performance - The Asia-Pacific stock markets collectively declined following a drop in the previous night, with the South Korean Composite Index falling over 5%, triggering a trading halt for the KOSPI index [1] - The Nikkei 225 index dropped more than 3%, while the Taiwan Weighted Index fell over 2% [1] - The Hang Seng Index opened nearly 1% lower, with a decline of 1.75% noted [1] Specific Index Movements - KOSPI200: Latest price at 549.15, down 32.79, a decrease of 5.63% [2] - KOSPI: Latest price at 3901.30, down 220.44, a decrease of 5.35% [2] - Nikkei 225: Latest price at 49639.60, down 1857.60, a decrease of 3.61% [2] - Taiwan Weighted Index: Latest price at 27492.83, down 623.73, a decrease of 2.22% [2] - Hang Seng Index: Latest price at 25701.63, down 250.77, a decrease of 0.97% [2] Analyst Insights - Morgan Stanley's CEO indicated that global stock markets may face a correction, preparing for a potential 10% to 15% decline not triggered by macroeconomic cliff effects [2] - Notably, Michael Burry, known for predicting the subprime mortgage crisis, disclosed a 3rd quarter position with 80% of his holdings in put options on Palantir and Nvidia, raising concerns about the sustainability of valuations in the AI sector [2]

AI泡沫担忧升温，隔夜美股科技股大跌拖累纳指跌超2%，亚太股市今早集体下挫。A股三大指数集体 低开，沪指低开0.95%，深证成指低开1.68%，创业板指低开2.08%。存储芯片、算力硬件、贵金属、电 池板块跌幅居前。 ...

来源：智通财经 当地时间11月4日，美股三大指数集体回调，全线收跌。大型科技股普跌，其中，英伟达跌近4%，市值 一夜蒸发1990亿美元（约合人民币14188亿元），英特尔跌超过6%，特斯拉跌超5%，谷歌跌超2%，亚 马逊、Meta跌超1%。 自10月29日创下历史新高后，英伟达股价一路回落，这已是近期的第5连跌。截至11月5日收盘，英伟达 股价报收198.69美元/股，总市值约4.83万亿美元，跌破5万亿美元。 此时距离英伟达市值首次突破5万亿刚刚过去4天。 美东时间10月29日美股开盘，英伟达高开高走，涨幅扩大至5%，再创历史新高，最高摸到212.19美元/ 股，总市值达到5.156万亿美元，成为全球首家市值突破5万亿美元的公司，单日增加市值超2500亿美 元。 市场消息面上，AI热潮助推美股估值一路飞升，市场开始担忧高估值是否已经形成泡沫？高盛和大摩 CEO齐发预警，称美股估值太高了，可能出现至少10%回调。高盛董事长兼CEO苏德巍11月4日出席国 际金融领袖投资峰会时表示，目前科技股的估值已经"见顶"，未来12到24个月内，股市很可能会出现 10%到20%的回撤。摩根士丹利首席执行官Ted Pick也称 ...

Group 1 - The U.S. stock market experienced a decline, with the Dow Jones falling by 0.53%, the S&P 500 down by 1.17%, and the Nasdaq dropping by 2.04% [1] - Caterpillar and Nvidia led the decline in the Dow, with Caterpillar falling over 4% and Nvidia nearly 4% [1] - Goldman Sachs and Morgan Stanley warned of a potential cyclical pullback in global stock markets over the next two years, with Goldman Sachs CEO David Solomon predicting a 10% to 20% correction and Morgan Stanley CEO Ted Pick suggesting a 10% to 15% pullback [1] Group 2 - Notable short-seller Michael Burry expressed concerns about an AI bubble, revealing that his hedge fund Scion Asset Management holds approximately $900 million in Palantir and $1.87 billion in Nvidia put options [1] - Adam Crisafulli from Vital Knowledge highlighted that the performance of blue-chip stocks is extremely fragmented, with a few tech giants masking underlying warning signals in the U.S. stock market [3]

Market Overview - The S&P 500 index fell by 1.17% to 6771.55 points, the Nasdaq Composite dropped by 2.04% to 23348.64 points, and the Dow Jones Industrial Average decreased by 0.53% to 47085.24 points, indicating a market adjustment amid concerns over high valuations [1] Company Performance - Palantir, a leading AI application stock, saw its shares decline by 7.94% despite reporting earnings that exceeded expectations and raising its performance guidance. The stock has quadrupled in value over the past year, becoming a symbol of the "AI bubble" [2] - Nvidia's stock fell by 3.96%, while other major tech stocks like Apple and Microsoft experienced mixed results, with Apple rising by 0.37% and Microsoft dropping by 0.52% [7] Investor Sentiment - Investor confidence was further shaken by Michael Burry's disclosure of purchasing put options on Palantir and Nvidia, which raised concerns among retail investors [5] - The retail investor preference index compiled by Goldman Sachs dropped by 3.6%, approximately three times the decline of the S&P 500 index, reflecting a challenging day for day traders [5] Market Predictions - BTIG's chief market technician, Jonathan Krinsky, indicated that the S&P 500 has not tested the 50-day moving average since April, currently around 6654 points, and suggested potential declines to the 6400-6500 point range due to extreme market divergences [5] - Goldman Sachs and Morgan Stanley executives expressed concerns about a potential market pullback of 10% to 20% over the next 12 to 24 months, with Morgan Stanley's CEO suggesting that a 10%-15% correction would be welcome if not driven by macroeconomic factors [5] Broader Market Trends - Similar to the U.S. stock market, commodities, including oil and gold, experienced declines, with Bitcoin dropping nearly 6% and Ethereum falling over 10% in the cryptocurrency market [6] - The Nasdaq China Golden Dragon Index fell by 2.05%, with notable declines in Chinese stocks such as Alibaba down 2.02% and JD.com down 2.93% [8]