路透周一看到的一份高盛报告显示，趋势跟踪型对冲基金上周经历了两年来最差的周表现，因市场对巨额AI支出最终回报的担忧引发了股债市场的剧烈波动。
Trend-following hedge funds witnessed their worst weekly performance in two years last week, as concern about the eventual pay-off from hefty AI spending ignited volatility across stocks and bonds, a Goldman Sachs note seen by Reuters on Monday showed.
纳斯达克100指数（.NDX）——全球最大科技股的聚集地——上周下跌5.5%，录得自2025年4月以来最大单周跌幅，当时美国总统特朗普的“解放日”关税震动全球市场。
The Nasdaq 100 (.NDX), home to the world's largest tech stocks, fell 5.5% last week, its biggest weekly fall since April 2025, when US President Donald Trump's Liberation Day tariffs roiled world markets.
上周股市下跌部分源于Meta（META.O）股价单周暴跌10%，尽管该公司公布了强劲财报，但表示需要为AI投资筹集更多资金，令市场心生恐慌。
Last week's stock market fall was led in part by a 10% weekly slide in shares of Meta (META.O), which reported strong earnings, but indicated it would need to raise more capital for its AI investments, which sent shivers through markets.
债券市场同样波动，投资者买入相对安全的美国国债，抛售更脆弱经济体（如法国）的债务。报告称：系统性多空对冲基金——其算法跟随市场趋势直到趋势衰竭——遭遇2024年以来最差一周，下跌2%，而基本面多空策略进一步回撤1.1%。
Bond markets were also volatile, as investors sought out the relative safety of US Treasuries, while selling the debt of more fragile economies, such as France. Here's what the note said:
基本面多空策略本月迄今下跌3.8%，但今年以来仍上涨8.8%；系统性策略10月迄今下跌1.1%，但今年以来上涨18.7%。
Systematic long-short hedge funds, whose algorithms ride market trends until they peter out, suffered their worst week since 2024, with a 2% decline, while fundamental long/short strategies drew down another 1.1%.
报告称，个股整体出现自7月下旬以来最大规模的去杠杆活动——即普遍缩减仓位；美股已连续第三周遭净卖出，且在最近五周中有四周呈现净卖出。高盛表示，其主经纪业务部门报告显示，过去两周科技股遭抛售约200亿美元，接近7月大规模平仓时的230亿美元抛售额。
Fundamental long short strategies are down 3.8% for the month so far, but still up 8.8% this year, while systematic strategies are down 1.1% so far in October, but up 18.7% so far this year. Single stocks collectively saw the largest de-gross activity - a general pulling back in positions - since late July, while US equities have been net sold for the third straight week, and in four out of the last five weeks, the note said Goldman said its prime brokerage desk reported $20 billion in selling of tech stocks over the last two weeks, close to July's major unwind in which saw $23 billion in selling.