备受关注的半导体板块指数正面临市值缩水逾1万亿美元的风险。由于市场对利率上升、估值过高以及建设人工智能基础设施所需巨额成本日益担忧，该板块走势堪忧。
A closely watched gauge of semiconductor stocks is on pace to erase more than $1 trillion in market value as concerns mount over higher interest rates, stretched valuations and the enormous cost of building artificial-intelligence infrastructure.
被称为SOX指数的费城半导体指数周三下跌了3.1%。过去六个交易日里，该指数累计跌幅约10%，有望创下自2025年5月以来的最长连跌纪录。
The Philadelphia Semiconductor Index, better known as the SOX, fell 3.1% on Wednesday. The benchmark is down about 10% over the past six sessions, putting it on track for its longest losing streak since May 2025.
在此期间，该指数中超过半数成分股的跌幅均达到10%以上。其中，安谋控股股价暴跌近20%，应用材料公司股价下跌约15%，英特尔股价则跌去了11%。全球晶圆代工公司则是该指数中唯一实现上涨的股票，表现优于其他同行。
More than half of the index is down at least 10% in the period. Arm Holdings Plc has slumped almost 20%, Applied Materials Inc. is down about 15% and Intel Corp. has fallen 11%. GlobalFoundries Inc. is the only stock in the green, outperforming its peers in the period.
瑞银集团首席投资办公室的乌尔丽克·霍夫曼-布尔查迪在周三的研究报告中指出：“近期全球半导体股承受的压力不断加大。虽然人工智能领域的竞争加剧、融资需求上升以及利率提高可能不时引发市场波动，但我们认为此次下跌更多是对市场预期的重新调整，而非人工智能投资趋势的根本性逆转。”过去一周，以半导体股为主导的全球人工智能相关股票普遍遭遇抛售。
“Pressure has ratcheted up on global chip stocks in recent days,” Ulrike Hoffmann-Burchardi at UBS Chief Investment Office wrote in a Wednesday research note. “While increased competition within AI, rising financing requirements, and higher rates may periodically add to volatility, we view this latest bout as more of a recalibration of expectations than a fundamental break in the AI investment story.”The global AI trade, led largely by semiconductor stocks, has sold off over the last week.
更令市场承压的是，博通公司首席执行官陈福阳本周早些时候将那些盲目追逐人工智能热潮的投资者比作赌徒，并警告称该行业可能面临资金短缺的困境。
Adding to the pressure, Broadcom Inc. Chief Executive Officer Hock Tan earlier this week likened some investors chasing the AI boom to gamblers and warned that the sector could face funding constraints.
此次市场压力的出现，与9月份通胀数据高于预期密切相关。这一数据进一步强化了市场对美联储将继续加息的预期，即便决策层在本月晚些时候的会议上可能选择暂停加息。
The latest pressure followed hotter-than-expected September inflation, reinforcing expectations for further Federal Reserve interest-rate hikes even if policymakers pause at their next meeting slated for later this month.
今日晚些时候，市场将迎来新的催化剂：人工智能公司Anthropic将在旧金山的一场活动中向部分投资者介绍自身情况。华尔街正密切关注该公司未来的营收增长前景，以此判断市场对人工智能领域的投资热情究竟如何。
The next market catalyst will come later in the day, when Anthropic presents to a select group of investors at an event in San Francisco. Wall Street will be looking for clues on the AI company’s revenue run rate to better gauge appetite for AI spending.
“我们建议投资者重点关注那些人工智能投入能够切实转化为可持续盈利增长，且被企业和消费者广泛采用的领域，”霍夫曼-布尔查迪说道。
“We suggest investors focus on where AI spending is translating into sustainable earnings growth and broader enterprise and consumer adoption,” Hoffmann-Burchardi said.