周一将开启一个全新的交易月，在经历了十月最后一个交易日的剧烈波动后，这一前景令许多人感到欣慰。
By Sinéad Carew, Chuck Mikolajczak Monday will ring in a brand-new trading month, a prospect that appeals to many after a doozy of a last session in October.
周五，科技股今年涨势面临新一轮考验，纳斯达克综合指数（.IXIC）录得自六月以来最大单日跌幅。芯片制造商英特尔（INTC.O）和社交媒体公司Reddit（RDDT.N）股价暴跌29%，受益于人工智能资本支出热潮的芯片制造商SanDisk（SNDK.O）下跌13%。
A fresh test of this year’s technology rally sent the Nasdaq composite (.IXIC) on Friday to its biggest decline since June. Chipmaker Intel (INTC.O) and social media firm Reddit (RDDT.N) fell 29% and Sandisk (SNDK.O), a chipmaker that has been one of the great beneficiaries of the AI capital-spending boom, dropped 13%.
周五的抛售潮源于处于人工智能建设核心地位的大型科技股遭遇重创，领跌者为微软（MSFT.O）、Meta Platforms（META.O）、亚马逊（AMZN.O）及谷歌母公司Alphabet（GOOGL.O）。这些股票周五下跌1%至2%，此前在本周早些时候已大幅下挫。
Friday’s selloff came after a bruising for the big tech firms at the center of the AI buildout, led by Microsoft (MSFT.O), Meta Platforms (META.O), Amazon (AMZN.O) and Google parent Alphabet (GOOGL.O). Their shares dropped 1% to 2% on Friday following significant declines earlier in the week.
Capital Economics表示，这四家所谓的“超大规模云服务商”在过去12个月中，合计贡献了现行标普500指数成分股所有资本支出的三分之一强，并补充称其占比似乎可能进一步升至更高水平——这一前景令投资者难以消化。
The four so-called hyperscalers have been collectively responsible for more than a third of all the capital spending undertaken by the current constituents of the S&P 500 over the past 12 months, Capital Economics said, adding that their share seems likely to rise to an even higher level – a prospect that investors are struggling with.
Capital Economics市场经济学家John Higgins表示：“如今，超大规模云服务商的资本支出热潮合计已部分依赖外部融资，投资者对它们共同投入的巨额资金及其投资方式变得更加紧张。”
“Now that the combined capital spending boom at the hyperscalers is becoming partly dependent on external financing, investors are becoming more nervous about the sums they are collectively investing and how they are doing it,” said John Higgins, a markets economist at Capital Economics.
纳斯达克100指数（.NDX）——即大型非金融股指数——下跌3.5%，盘中跌幅曾更大，使其濒临回调区间，即较近期高点下跌10%。纳斯达克综合指数较收盘高点下跌7.8%，经历了自2025年3月以来最差单月表现，抹去了今年由人工智能推动的部分涨幅。
The Nasdaq 100 (.NDX) index of large nonfinancial stocks fell 3.5% after being down more, putting it on the brink of a correction, referring to a 10% decline from its recent high. The Nasdaq composite is down 7.8% from its closing high, after its worst month since March 2025 wiped out a chunk of this year’s AI-fueled gain.
Annex Wealth Management首席经济策略师Brian Jacobsen表示：“投资者突然且一致地在用脚投票，押注谁能将投资变现、谁不能。”
“Investors are voting all of a sudden and all together on who will monetize the investment and who won’t,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management.
损失远远超出了科技股范围，此前这些科技股一直在积极情绪推动下上涨，这反映出投资者广泛撤离风险资产，美债价格上涨。白银下跌6%，今年以来累计下跌31%；黄金下跌3.5%，2026年以来累计下跌10%。
The damage went well beyond technology shares that until lately have ridden positive sentiment higher, reflecting a broad pullback from risk as Treasuries rallied. Silver dropped 6%, putting it down 31% for the year, and gold fell 3.5%, putting it down 10% for 2026.
但投资者表示，最近股市的抛售乍看之下主要是“涨得太高、必有回落”的情况。
But investors said most of the selling in stocks recently is at first blush a case of 'what goes up, must come down'.
Wedbush Securities全球股票销售与交易董事总经理Sahak Manuelian表示：“我不认为我们面临的是一个特别棘手的杠杆问题。整个板块此前经历了如此巨大的涨幅。”
"I don't think it's a particularly troublesome leverage issue that we're dealing with. We've had such a huge move up in the whole complex," said Sahak Manuelian, managing director for global equities sales and trading at Wedbush Securities.
油价上涨2%，加剧了人们对美国经济健康状况的担忧，许多投资者认为美国经济依赖AI建设提供动力。金融股重挫，高盛（GS.N）下跌4%，Jefferies（JEF.N）下跌6%。比特币下跌3%，此前黑客从币安窃取了超过60亿美元。
Oil prices rose 2%, adding to concern about the health of a US economy that many investors see as dependent on the AI buildout for its pep. Financial stocks were hit hard, with Goldman Sachs (GS.N) down 4% and Jefferies (JEF.N) off 6%. Bitcoin fell 3% after hackers took more than $6 billion from Binance.
投资者面临的一个问题是，新的一个月是否意味着新的开始，因为在经历了这样一天后，许多投资者选择落荒而逃，而不是等待看周末会发生什么。
One question facing investors is whether a new month will mean a fresh start, after a day in which many investors headed for the hills rather than waiting to see what happens over the weekend.
Manuelian表示：“当你经历了抛物线式的上涨，就会导致非常恶劣的回落，我认为这就是我们正在看到的情况。然后就会有人开始撤资，转向其他领域。”
"When you've had the parabolic-like moves, it makes for a very nasty downdraft,” Manuelian said. “And I think that's what we're seeing. And then you have people that are starting to pull money out and going to other areas."