高盛集团的股票交易部正被投资者的电话淹没，他们试图弄清周四科技股抛售还能深到什么程度。然而，实际买家却踪影全无。
The stock-market trading desk at Goldman Sachs Group Inc. is being flooded with calls from investors trying to get a sense of how much deeper Thursday’s technology selloff can go. Yet, actual buyers are nowhere to be found.
据高盛美洲股票执行服务主管约翰·弗洛德称，周三高盛的股票交易部经历了今年最繁忙的交易时段之一。“今天完全相反，”他在周四致客户的备忘录中写道。“我们的电话因询问行情而响个不停。遗憾的是，我们没看到多少情况。”弗洛德表示，纯多头投资群体再次陷入冻结状态。投资者在中期选举前激进地削减风险，却被周三的反弹措手不及，被吸引重返市场。对冲基金现在正在抛售他们在前一交易日买入的部分人工智能超大规模股票。
On Wednesday, Goldman’s equities trading desk had one of its busiest sessions of the year, according to John Flood, the bank’s head of Americas equities execution services. “Today is the exact opposite,” he wrote in a note to clients on Thursday. “Our phones are exploding with asks for color. Unfortunately we aren’t seeing much.”The long-only investment community is frozen again, Flood said. Investors aggressively cut risk ahead of the midterm elections, but were caught off guard by Wednesday’s rally and drawn back into the market. Hedge funds are now selling some of the artificial intelligence hyperscaler stocks they bought in the previous session.
弗洛德写道，高盛没有看到买家进场支撑市场。据高盛客户透露，拥有大量散户业务的券商报告称，出现了连续第二天明显的卖单失衡。
What Goldman isn’t seeing is buyers stepping in to support the market, Flood wrote. Brokers with significant retail exposure are reporting a second consecutive day of pronounced selling imbalances, according to Goldman clients.
抛压来自自上而下的操作，投资者正利用宽基市场工具来降低敞口。据弗洛德称，SPDR标普500ETF的交易量较20日均值高出160%，Invesco QQQ交易所交易基金的成交量是平均值的两倍，VanEck半导体ETF的成交量较平均值高出150%，而DRAM股票的交易量上升了75%。
The pressure is coming from the top down, with investors using broad market instruments to reduce exposure. Trading volume in the SPDR S&P 500 ETF was running 160% above the 20-day average, the Invesco QQQ exchange-traded fund was twice its average volume, the VanEck Semiconductor ETF’s volume was 150% above average, and trading in DRAM stocks was up 75%, according to Flood.
他写道：“这感觉量很大。‘黎明前总是最黑暗。’”这波科技股抛售是由民主党在中期选举中获胜，以及这对过去三年推动市场上涨的AI交易的影响所驱动的。选民强烈反对在其社区建设数据中心，而现在控制国会两院的民主党人预计将举行听证会，质疑AI的发展。
“This feels like a lot,” he wrote. “It is always darkest before dawn.”The technology selloff is being driven by the Democrats’ wins in the midterm elections and the implications for the AI trade that has been driving the market higher for the past three years. Voters were strongly opposed to building data centers in their communities, and Democrats who now control both houses of Congress are expected to hold hearings questioning the development of AI.
原本只是半导体股票的轮动抛售，演变成了一场全面溃败，标普500指数的所有11个板块全部下跌。信息技术板块领跌，最大跌幅达7%。以科技股为主的纳斯达克100指数下跌5.9%，市值蒸发超过2万亿美元，而费城证券交易所半导体指数（即SOX指数）下跌逾10%，有望创下自2020年3月新冠疫情爆发以来的最差单日表现。
What started as a rotation out of semiconductor stocks morphed into a broad rout, with all 11 sectors in the S&P 500 Index in the red. The information technology sector led the declines, tumbling as much as 7%. The tech-heavy Nasdaq 100 Index fell 5.9%, erasing more than $2 trillion from its value, while the Philadelphia Stock Exchange Semiconductor Index, better known as the SOX, was down more than 10% and on pace for its worst day since the Covid pandemic hit in March 2020.