费城半导体指数连续下跌的次数创2008年以来新高，因投资者质疑人工智能支出能否持续证明芯片制造商估值的合理性。英伟达、AMD和美光股价近日均面临巨大抛售压力。
The Philadelphia Semiconductor Index has fallen for a record number of consecutive sessions since 2008 as investors question whether artificial intelligence spending can keep justifying chipmaker valuations. Nvidia, AMD and Micron shares have all come under heavy selling pressure in recent days.
费城半导体指数连续下跌的次数创2008年金融危机以来新高，标志其自那时以来最长连跌。分析师称，这一下跌反映了投资者对人工智能基础设施巨额支出何时以及能带来多少回报的焦虑日益加剧。
The Philadelphia Semiconductor Index has declined across a record number of consecutive sessions, marking its longest losing streak since the 2008 financial crisis. Analysts say the slide reflects mounting investor anxiety over when, and how much, the enormous spending on artificial intelligence infrastructure will actually pay off.
英伟达、AMD和美光等主要芯片股在近期交易中均遭遇巨大抛售压力，因投资者质疑数据中心需求能否持续证明该行业高估值的合理性。一些基金经理认为，此前的涨幅已经透支，回调在所难免。
Major names including Nvidia, AMD and Micron have all faced heavy selling pressure in recent sessions, as investors question whether data-centre demand can keep justifying the sector's lofty valuations. Some fund managers argue the rally had simply run too far and that a pullback was overdue.
策略师称，该指数在近期能否企稳很大程度上将取决于即将发布的财报。未来几周主要芯片制造商的业绩结果可能为市场提供迄今为止最清晰的信号，以判断人工智能需求是否如行业所称般强劲。
Strategists say whether the index stabilizes in the near term will likely hinge on upcoming earnings reports. Results from major chipmakers in the coming weeks could give the market its clearest signal yet on whether AI demand is as robust as the industry has claimed.