在过去一周里，那些大量买入与人工智能产业相关的半导体股票的散户投资者，在周四的市场暴跌中遭受了沉重打击。
Retail investors who spent the past week loading up on semiconductor stocks at the center of the artificial intelligence trade are getting pummeled amid Thursday’s rout.
据摩根大通的策略师阿伦·贾恩（Arun Jain）分析，过去一周内，个人投资者增加了对芯片制造商、提供云计算服务以及制造存储设备的公司的投资；而对那些被称为“Magnificent Seven”的高科技股票的购买热情则有所减弱。他在周三发给客户的报告中指出，这种投资趋势的转变主要源于上周四至周三的市场交易数据。
Over the past week, individual investors increased their purchases of chipmakers as well as companies that provide neocloud services and manufacture memory devices, while buying of the so-called Magnificent Seven technology stocks weakened, according to JPMorgan Chase & Co. strategist Arun Jain, who cited trading flows from last Thursday through Wednesday. Single-stock technology buying reached its highest level since the start of the momentum unwind in July, he wrote in a note to clients on Wednesday.
周四，随着人们对中东冲突的担忧加剧，以及对人工智能基础设施建设所需巨额资金的担忧不断加深，芯片制造商的股价领跌标准普尔500指数，散户投资者们也因此遭受了巨大损失。作为衡量半导体股票表现的指数，该指数在周四下跌了6.7%，创下自6月以来的最大跌幅。
The mom-and-pop crowd was feeling the heat on Thursday as chipmakers led the S&P 500 Index lower amid escalating concerns about the Mideast conflict coupled with fears about extravagant spending on AI infrastructure. A gauge of semiconductor stocks tumbled 6.7% in its worst day since June.
散户投资者买入最多的股票包括SanDisk公司、台积电（Taiwan Semiconductor Manufacturing Co.）以及Nebius Group NV——后者在社交媒体上的散户投资论坛中备受关注。这些公司的股价在周四至少下跌了4%。SpaceX的股价在周二之前也位列散户投资者买入榜单的前四名，但在周三投资者们纷纷抛售该股票；尽管该公司此前发布了令人鼓舞的盈利报告，其股价仍出现了下跌。
The stocks most bought by retail traders were SanDisk Corp., Taiwan Semiconductor Manufacturing Co. and Nebius Group NV, which has gained prominence in retail investing forums on social media. Shares of the firms dropped at least 4% on Thursday. SpaceX shares were fourth on that list through Tuesday, but investors sold them on Wednesday after they jumped 7.8% on the company’s encouraging earnings report.
散户投资者对科技交易型基金（ETF）的需求同样强劲：上周的周净买入额达到了历史第二高的水平，部分原因在于投资者在上周末采取了逢低买入的策略。周五成为科技ETF历史上单日净买入额最高的一天，使得当周的累计买入额比历史平均水平高出2.1个标准差。VanEck Semiconductor ETF就是其中最受投资者青睐的基金之一。
Retail demand was even stronger for technology exchange-traded funds. Weekly inflows reached their second-highest level on record, driven in part by dip-buying late last week. Friday marked the largest single-day inflow into tech ETFs on record, lifting weekly purchases to the equivalent of 2.1 standard deviations above the historical average. The VanEck Semiconductor ETF was among the funds that attracted heavy interest.
自7月以来，散户投资者一直青睐“Magnificent Seven”（即那七只表现优异的科技股），因为这些公司的业绩非常强劲。如今他们开始转向该集团之外的其他科技股，这表明尽管市场波动性加大，他们并未放弃对科技股的投资，而是希望分散投资组合的风险。
Retail traders had been favoring Magnificent Seven stocks since July, when the hyperscalers reported strong earnings. Their shift to stocks outside the group suggests that they aren’t abandoning the AI trade as volatility increases, but they are broadening their exposure.
“随着人工智能（AI）行业的盈利能力超出最初的预期，投资者已将投资重心从‘Magnificent Seven’转向了更广泛的科技领域，”Integrity Asset Management公司的投资组合经理Joe Gilbert表示。
“Investors have rotated from Mag Seven to tech more broadly as the AI ecosystem has produced more durable earnings than initially perceived,” said Joe Gilbert, portfolio manager at Integrity Asset Management.
今年，科技行业一直是推动企业利润增长的主要动力，即使在人们对AI泡沫的担忧日益加剧的情况下，科技股依然吸引了投资者的兴趣。根据美国银行（Bank of America）的数据，标准普尔500信息技术指数（S&P 500 Information Technology Index）中的公司预计第三季度的利润增长率将达到66%，仅低于能源和通信服务行业。
Technology has been a major driver of corporate profit growth this year, helping sustain investor interest even as fears of an AI bubble mount. Companies in the S&P 500 Information Technology Index are expected to post 66% earnings growth for the third quarter, trailing only the energy and communication services sectors, according to data compiled by Bank of America Corp.
Gilbert补充说：“尤其是在‘Magnificent Seven’之外的科技股中，如果市盈率较低且利率较高，那么依然有可能实现强劲的利润增长。”
“It is possible to get robust earnings growth with cheaper multiples especially with higher rates outside of the Mag 7,” Gilbert added.
这种投资方向的转变发生在市场对通胀上升的担忧加剧之际——由于伊朗战争的爆发，能源价格持续上涨，导致市场出现大规模的科技股抛售潮。周四，彭博社的“Magnificent Seven”指数下跌了3.8%；与此同时，以科技股为主的纳斯达克100指数（Nasdaq 100 Index）也下跌了3.2%。
The rotation comes as the technology selloff gathers steam amid renewed fears of higher inflation due a spike in energy prices from the ongoing war in Iran. The Bloomberg Magnificent Seven Index sank as much as 3.8% on Thursday after Meta Platforms Inc. increased its capital spending plans for the year, while the tech-heavy Nasdaq 100 Index slid as much as 3.2%.
然而，摩根大通（JPMorgan）的数据显示，尽管投资者对科技股的热情不减，但整个零售市场的购买意愿依然低迷，本周的零售资金流入量总体较为疲软。
The enthusiasm for tech stocks isn’t translating into a broad-based surge in buying, however, as overall retail flows remained subdued for the week, JPMorgan’s data show.