半导体股票出现历史性暴跌，为敢于押注此前一年多来一直是美国股市飙升最猛板块之一的做空者带来意外之财。
A historic rout in semiconductor stocks has delivered a windfall for short sellers who were brave enough to bet against what had been one of the highest flying corners of the US equity market for much of the last year.
根据彭博社汇总的S3 Partners LLC数据，逆向交易者在过去七天里累计获得约320亿美元的账面浮盈，因为费城半导体指数下跌超过12%。该指数俗称SOX，周五延续跌势至第八个交易日，有望追平自2006年以来的最长连跌纪录。
Contrarian traders have amassed an estimated $32 billion in gross paper gains over the last seven days, according to S3 Partners LLC data compiled by Bloomberg, as the Philadelphia Semiconductor Index sank more than 12%. The chip benchmark, known as the SOX, extended those losses to an eighth straight session on Friday, putting it on track to match its longest losing streak since 2006.
对更高利润率、估值过高以及巨额AI基础设施支出的担忧正在压制芯片股和更广泛的市场。标普500指数有望在本周收低1.7%，这是自6月以来最差的周表现。与此同时，科技股占比高的纳斯达克100指数本周料将下跌5%。
Concerns about higher interest rates, stretched valuations and massive AI infrastructure spending are weighing on chip stocks and the broader market. The S&P 500 Index is on track to end the week 1.7% lower — its worst weekly performance since June. Meanwhile, the tech-heavy Nasdaq 100 Index is set to shed 5% this week.
在SOX的30只成分股中，除10只外，其余均自抛售开始以来下跌超过10%。表现最差的包括康希诺股份，下跌近30%，以及Astera Labs Inc.、Macom Technology Solutions Holdings Inc.和Credo Technology Group Holding Ltd.，这三只股票在八天的抛售中均跌幅超过20%。
All but 10 of the 30 constituents in the SOX are down more than 10% since the selloff began. The biggest laggards include shares of Coherent Corp., down nearly 30%, and Astera Labs Inc., Macom Technology Solutions Holdings Inc. and Credo Technology Group Holding Ltd., which have all shed more than 20% in the eight-day selloff.
“芯片的上涨非常激进，因此必然会出现一些整理或回调，”SLC Management的Dec Mullarkey说道。
“The run up in chips was very aggressive so invariably there was going to be some consolidation or pull back,” said Dec Mullarkey of SLC Management.
最近的痛苦是对今年早些时候的剧烈逆转，当时该指数因投资者涌入将受益于数千亿美元承诺的AI基础设施资本支出的公司股票而飙升。
The recent pain is a sharp reversal from earlier this year when the gauge surged as investors piled into shares of companies set to benefit from the hundreds of billions of dollars in pledged AI infrastructure capital expenditures.
与内存相关的芯片制造商尤其表现强劲，因为在供应瓶颈的情况下，对计算的需求巨大。SOX指数从3月底的低点翻倍至6月的历史高点，市值增加约6.5万亿美元。
Chipmakers tied to memory were especially strong performers given huge demand for compute against a bottleneck in supply. The SOX more than doubled from the end of March to a record high in June, adding about $6.5 trillion in market value.
除了半导体之外，做空者还通过押注CoreWeave公司股价下跌而获得了账面利润。该公司股价本周有望下跌超过20%，原因是其债务已降至通常表明财务困境的水平。这家人工智能云计算服务提供商的信用违约掉期正在定价未来五年内发生违约的概率超过50%。
Beyond semiconductors, short sellers also netted paper profits betting against shares of CoreWeave Inc., which is on track to shed more than 20% this week after its debt slipped to levels that typically indicate distress. Credit-default swaps on the AI cloud-computing provider are pricing in a more than 50% chance of default within the next five years.
押注CoreWeave股价下跌的交易者本周有望通过市值计价获利超过10亿美元。然而，根据S3公司董事总经理Matthew Unterman的说法，部分未平仓做空头寸源于可转换债券套利，而非纯粹的方向性看空头寸。
Traders who bet against CoreWeave shares are on track to generate more than $1 billion in mark-to-market profits this week. However, a portion of the outstanding short interest is attributable to convertible bond arbitrage rather than outright directional bearish positions, according to Matthew Unterman, managing director at S3.
“CoreWeave具体来说将需要一个新的故事。它需要时间来消化这一新现状，”理性股权护甲基金投资组合经理Joe Tigay表示。
“CoreWeave specifically is going to need a new story. It’s going to need time to digest this new reality,” said Joe Tigay, portfolio manager of the Rational Equity Armor Fund.