纽约，11月5日电 - 周四，华尔街最受关注的市场恐慌指标录得逾18个月来最大盘中涨幅，因芯片和数据中心相关股票大幅下跌拖累主要股指走低。
NEW YORK, Nov 5 - Wall Street’s most closely watched gauge of market anxiety logged its biggest intraday jump in more than 18 months on Thursday as steep losses in chip and data center-related stocks dragged down major stock indexes.
分析师表示，抛售很大程度上可能反映了前一交易节大幅反弹的回吐，以及推动市场数月之久的拥挤AI交易的平仓，此外还有投资者在预期基金和策略将因波动率驱动而抛售前夕降低风险敞口。
Analysts said much of the selling may reflect an unwind of the previous session’s sharp rally and of the crowded AI trade that has driven markets for months, as well as investors cutting risk ahead of expected volatility-driven selling by funds and strategies.
“看起来事情似乎要稍微缓和一点了，然后，你知道，压路机今天出现了，”南卡罗来纳州查尔斯顿Ballast Rock Private Wealth的高级财富顾问兼投资组合经理Jim Carroll说。
"It really did look as though things were going to relax a little bit and then, you know, the steamroller showed up today," Jim Carroll, senior wealth adviser and portfolio manager at Ballast Rock Private Wealth in Charleston, South Carolina, said.
Cboe波动率指数是一个基于期权的指标，反映对股市下跌保护的需求，该指数飙升11.5点至28.09，创八个月新高，此前一天市场因民主党在中期选举中大获全胜而反弹。
The Cboe Volatility Index, an options-based indicator that reflects demand for protection against drops in the stock market, jumped 11.5 points to an eight-month high of 28.09, a day after markets rallied following Democrats’ sweeping midterm victory.
该指数最近报27.65点，当时纳斯达克综合指数下跌4%，投资者担心华盛顿的权力更迭可能会放缓AI基础设施建设的步伐。
The index was last at 27.65, with the Nasdaq Composite down 4% as investors fretted that a change of guard in Washington might slow the pace of AI infrastructure development.
在盘中高点，VIX（常被称为华尔街的“恐慌指数”）录得自2025年4月美国总统特朗普在“解放日”公布全面新进口关税后的那些日子以来最大单日涨幅。
At its session high, the VIX, often dubbed Wall Street’s "fear gauge," had logged its largest one-day rise since the days immediately after US President Donald Trump unveiled sweeping new import tariffs on "Liberation Day" in April 2025.
对波动率的反应 周四的股市抛售与前一天乐观的市场反应形成鲜明对比，当时投资者基本无视了民主党在选举中强势表现对AI交易构成的感知威胁。
REACTION TO VOLATILITY Thursday’s stock market selloff was in sharp contrast to the upbeat market reaction the day before, when investors largely brushed aside the perceived threat to the AI trade from the Democrats’ strong showing in the election.
“当你有一次大涨部分建立在波动率将下降这一想法之上时，就会发生这种情况……昨天这讲不通，”Interactive Brokers首席策略师Steve Sosnick说。
"This is what happens when you have a big rally partly predicated on the idea that volatility would be decreasing ... it made no sense yesterday," said Steve Sosnick, chief strategist at Interactive Brokers.
“昨天的认知是没人需要保护，现在变成了‘天哪，我们需要它’，”他补充道。
"Yesterday there was the perception that no one needed protection and now it’s ’Oh my god, we need it’," he added.
分析师将部分市场下跌归因于投资者试图抢在对股市波动做出反应的策略抛售前离场。
Analysts attributed some of the market decline to investors looking to get ahead of selling from strategies that react to stock market volatility.
杠杆与反向交易所交易基金，以及一些系统性策略，通常会在临近收盘时重新平衡其敞口，这可能会放大尾盘双向波动。
Leveraged and inverse exchange-traded funds, along with some systematic strategies, typically rebalance their exposure near the market close, which can amplify late-day moves in either direction.
“有人在说……看看收盘时会发生什么，我们需要在那之前撤离，”Ballast Rock的Carroll表示。
"You have people saying ... look at what’s going to happen at the end of the day, we need to get out before that," Ballast Rock’s Carroll said.
分析师称，现在很大程度上取决于投资者对AI交易的态度是否会发生持久变化。
Much now depends on whether investors’ attitude toward the AI trade undergoes a lasting change, analysts said.
“如果对AI投资主题的重新评估是结构性的，而不仅仅是交易层面的再平衡，那才是个问题，”Sosnick说。
"If the re-evaluation of the AI investment theme is secular and not just a trading type of rebalance, that’s problematic," said Sosnick.