投资者应利用半导体股票可能出现的反弹，在可能出现的“更长时间的下跌”之前降低敞口，这一下跌可能延续至2027年，BTIG如是称。
Investors should use a potential rebound in semiconductor stocks to reduce exposure ahead of what is likely to be a "longer drawn out decline" that could stretch into 2027, according to BTIG.
该公司在周日发布的一份研究报告中指出，围绕人工智能行业的疑虑正在加剧，且市场表面之外也出现了疲软。
In a research report published Sunday, the firm highlighted mounting doubts around artificial intelligence sector and weakness beyond the broader market's surface.
“近期关于人工智能板块的疑虑确实在增加，”BTIG的董事总经理兼首席市场技术员在报告中写道。“虽然这些可能只是冒烟，但历史表明，有烟往往就有火。”
“There are certainly more doubts creeping in about the AI complex of late,” BTIG's, managing director and chief market technician at BTIG, wrote in the note. “While those may prove to just be smoke, history suggests where there’s smoke there’s often fire.”
费城半导体指数（SOX）上周下跌11.4%，录得自2025年4月以来的最大单周跌幅。
The Philadelphia semiconductor index, or SOX, lost 11.4% last week, clocking its worst weekly decline since April 2025.
与此同时，iShares半导体ETF（SOXX）已录得九连续日下跌。
Meanwhile, the iShares semiconductor ETF (SOXX) has logged nine consecutive daily losses.
SOXX 3M mountain SOXX chart Krinsky警告称，虽然可以预期出现反弹行情，但根据历史数据，这种涨幅持续的把握有限。
SOXX 3M mountain SOXX chart Krinsky warns that while a relief rally can be expected, there is limited assurance that such gains would last, according to historical data.
在SOX单周跌幅至少达到10%的情况下，该指数次周上涨的概率为43%，平均涨幅为+1.7%，中位数涨幅为-1.7%。在三周内，只有60%的情况下出现正收益。
Following instances of weekly SOX losses of at least 10%, the index rose the next week 43% of the time, with an average return of +1.7% and median return of -1.7%. In three weeks, returns were positive in only 60% of cases.
BTIG还质疑投资者是否应从标普500指数的相对韧性中获得安慰。
BTIG also questioned whether investors should take comfort in the S & P 500's relative resilience.
自6月1日起，其11个板块中有9个已从各自峰值下跌至少9%，而该指数的最大回撤为5%。
Since June 1, nine of its 11 sectors have experienced declines of at least 9% from their respective peaks, while the index’s maximum drawdown was 5%.
对于希望在潜在下跌前降低敞口的半导体投资者，BTIG指出SOXX的关键支撑位大约在490美元。跌破该水平可能引发向其200日均线约468美元的下滑。即使买家介入，BTIG的整体评估仍然看跌。“若出现逆势反弹，那很可能是减仓的机会。”
For semiconductor investors looking to reduce exposure ahead of a potential decline, BTIG identified roughly $490 as a key support level for SOXX. A break below that could trigger a slide toward its 200-day moving average near $468. Even if buyers step in, BTIG's broader assessment remains bearish. “Should we get a counter-trend rally, that’s likely an opportunity to reduce exposure.”