2026年，股市已经历了不少令人胆寒的抛售潮。周五的崩盘是迄今为止最严重的剧烈波动之一，科技股为主的纳斯达克100指数本周跌入调整区间。但在股市表面之下——那些与人工智能交易关联较少的领域——情况实际上相当平稳，甚至可以说相当乐观。当纳斯达克指数周一走向调整区间时，标准普尔500指数中近70%的股票当天实际上收涨。
The stock market has endured its fair share of neck-snapping sell-offs in 2026. Friday's meltdown was one of the worst episodes yet, and the tech-heavy Nasdaq 100 dipped into correction territory this week. But under the surface of the market — in the areas less tied to the AI trade — things were actually pretty tame, if not outright positive. As the Nasdaq headed towards the correction on Monday, nearly 70% of the stocks in the S&P 500 were actually in the green for the day.
从板块来看，11个板块中有7个当天上涨，涨幅领先的是金融和消费必需品等板块。与此同时，指数层面的跌幅主要由权重更大的能源和科技板块拖累。这种分化表明两点：（1）即使科技巨头遭遇重挫，股票投资者仍有办法获得正回报；（2）但这在指数层面可能并不重要。最近的交易表明，投资者将通过将市场的非科技部分视为人工智能的替代品来应对这些现实。
On a sector basis, seven of 11 were positive for the day, led by areas like financials and consumer staples. The index-level loss, meanwhile, was paced by much more heavily weighted energy and tech. The divergence made two things clear: (1) there are still ways for stock investors to generate positive returns when tech titans are getting crushed, and (2) that may not matter at the index level. Recent trading suggests investors will respond to these realities by treating the non-tech parts of the market as an AI alternative.
事实上，下图表明，这种转变已经持续数周。标准普尔500等权重指数——它削弱了超大型科技巨头的巨大影响——在10月份超越了基准标准普尔500指数，涨幅之大创下2009年以来任何一个月的最大差距。非人工智能板块胜出。股市表面下发生的这种轮动，在投资者看待人工智能的更大背景下是合理的。他们还没有准备好完全抛弃股票，甚至停止购买科技股。
In fact, the chart below suggests that this shift had already been gathering steam for weeks. The S&P 500 Equal Weight index — which reduces the immense influence of the mega-cap tech elite — outperformed the benchmark S&P 500 in October by its widest margin in any month since 2009. Non-AI for the win. The rotation occurring under the surface of stocks makes sense in the bigger context of how investors are viewing AI. They're not ready to completely abandon stocks, or even stop buying tech.
他们只是在更加挑剔自己想要持有的资产，而不是不加选择地向每一家与人工智能相关的公司投入资金。这有助于解释优质股票重新受到青睐的原因，这类股票拥有持久的盈利、强劲的资产负债表和真实的现金流。在债券收益率仍处高位、通胀持续存在以及对支出的怀疑情绪日益高涨的时期，这些特质变得尤为宝贵。当然，等权重指数并非质量基金。
They're just getting pickier about what they want to own, rather than throwing money indiscriminately at every AI-adjacent company. That helps explain the renewed appeal of quality stocks, which have durable earnings, strong balance sheets, and real cash flow. Those attributes have become especially valuable at a time of still-elevated bond yields, persistent inflation, and mounting skepticism around spending. The equal-weight index isn't a quality fund, of course.
但其跑赢大盘再次表明，投资者愿意超越主导标普500指数的少数几家超大型公司，寻找机会。他们正在利润路径更清晰的领域寻找机会，也在寻找传统科技领域之外、能够从人工智能中获益而无需承担研发成本的公司。这一切与几个月前形成了截然不同的局面。大型科技公司面临的审视，现在不再是关于人工智能的变革性承诺，而是关于建设进度是否足够快、资金支持是否足够充足。
But its outperformance offers another example that investors are willing to look beyond the handful of mega-cap companies that dominate the S&P 500. They're finding opportunities in sectors with more straightforward paths to profits. They're also looking for companies outside traditional tech that can benefit from AI without having to foot the development bill. That all makes for a very different world than a few months ago. The scrutiny facing Big Tech is now less about the transformational promises of AI, and more about whether the buildout is moving along quickly enough, with enough financial backing.
目前，希望保持盈利的投资者有一条退路：青睐财务稳健的公司，无论它们是否处于人工智能赛道。这些公司或许无法永远摆脱大型科技公司的引力，但至少可以避免完全依赖它。
For now, investors looking to stay in the green have an escape hatch: favor financially secure companies, whether they're inside or outside the AI trade. They may not be able to avoid Big Tech's gravitational pull indefinitely, but they can at least avoid being wholly dependent on it.