这种担忧断断续续地笼罩华尔街数月之久。随后，所有人一窝蜂地涌向出口。
The fears had shadowed Wall Street off and on for months. Then, all at once, everyone rushed for the exits.
周四的股市暴跌在纽约证券交易所开盘钟声敲响后不久便拉开帷幕，并随着交易日的推进而加剧，将从高飞的芯片制造商如英伟达公司，到防御性避风港如沃尔玛公司等各类股票全部拖累下跌。
The stock-market rout on Thursday, which began soon after the opening bell on the New York Stock Exchange, worsened as the day wore on, pulling down everything from high-flying chipmakers like Nvidia Corp. to defensive fallbacks like Walmart Inc.
但受创最重的，是那些处于人工智能热潮核心地位的公司——正是它们在今年早些时候推动股市屡创新高，同时也埋下了这是一个注定会破裂的泡沫的隐忧。
But hardest hit were the companies at the heart of the artificial-intelligence boom that earlier this year sent the stock market to one record high after another — and sowed worries that it was a bubble bound to burst.
周四令它们暴跌的，仅仅是民主党在国会选举中大获全胜这一前景，这可能预示着政治风向将发生转变，从而给该行业的疯狂增长以及投入其中为其提供动力的计算机设备的数千亿美元资金踩下刹车。
All it took to send them tumbling on Thursday was the prospect that Democrats’ sweeping victory in the Congressional elections may herald a political shift that will tap the brakes on the industry’s breakneck growth and the hundreds of billions of dollars being plowed into the computer equipment that powers it.
截至收盘，纳斯达克100指数下跌逾6%，创下自2020年3月新冠疫情引发的暴跌高峰期以来的最大单日跌幅。
By the time the session came to a close, the Nasdaq 100 Index was down over 6%, its worst drop since the height of the tailspin unleashed by Covid-19 in March 2020.
全球市值最高的公司英伟达重挫逾9%，录得自2025年1月以来最深单日跌幅，抹去了今年以来的全部涨幅。道琼斯工业平均指数30只成分股全部下跌，标准普尔500指数下跌4.4%，一只受到密切关注的半导体股指数暴跌12%，创下疫情伊始以来最惨单日表现。随着对冲基金抛售持仓的传言四起，一只大举买入所谓动量交易的ETF经历了十多年来最惨烈的交易日之一，投资者纷纷涌入国债避险。
Nvidia Corp., the world’s most valuable company, tumbled over 9% in its deepest slide since January 2025, erasing the last of this year’s gains. All 30 companies in the Dow Jones Industrial Average fell, the S&P 500 lost 4.4% and a closely watched index of semiconductor shares dropped 12% for its worst day since the start of the pandemic. As rumors swirled of hedge funds dumping positions, an ETF that piles into so-called momentum trades had one of its worst days in over a decade and investors rushed into Treasuries as a haven.
“我感觉像回到了2008年或2001年，”PenderFund Capital Management首席投资官Greg Taylor说，指的是互联网泡沫和房地产泡沫的破裂。“市场如此聚焦于单一主题及其回调。我认为这是必须发生的，因为我们过度关注AI，它在市场中占据的比重变得太大了。”这次抛售为华尔街令人眩晕的两天画上了句号，此前选民对唐纳德·特朗普总统及其共和党给予了严厉惩罚，这源于对高油价的愤怒，以及对AI影响、以及在得克萨斯州等地为AI供电而涌现的数据中心的担忧。
“I’m getting flashbacks to 2008 or 2001,” said Greg Taylor, chief investment officer at PenderFund Capital Management, referring the collapse of the Internet and housing bubbles. “It’s so focused on one theme and the unwind of that theme. I think it’s something that needed to happen as we have too much focus on AI and it became too big a part of the market.”The selloff capped a dizzying two days on Wall Street since voters delivered a stinging rebuke to President Donald Trump and his Republican Party, fueled by anger over high gas prices and angst about the impacts of AI and the data centers in places like Texas that are sprouting up to power it.
最初的反应推动股市周三上涨，投资者押注政坛分裂的华盛顿将制约特朗普的权力，并加速结束伊朗战争——那场战争重燃通胀并推高利率。
The initial reaction drove stocks higher on Wednesday, with investors wagering a politically divided Washington would provide a check on Trump’s power and hasten the end of a war in Iran that rekindled inflation and sent interest rates higher.
但抄底买家被套牢了，当摆锤摆回、焦点转移到在经济中扮演过大角色的AI繁荣潜在裂痕时。
But the dip buyers were burned when the pendulum swung back and the focus shifted to potential cracks in the AI boom that’s been playing an outsize role in the economy.
“他们过早出手了，”JonesTrading Institutional Services LLC首席市场策略师Michael O’Rourke说。“你们有明年盈利预期，让这些股票看起来市盈率很低。但如果出现这种政策变化，那将是数据中心建设环境的结构性转变。那些预期不再有效。”以下五张图表展示周四股市动荡的范围：纳斯达克100指数进一步陷入回调，市值蒸发2.3万亿美元，较10月6日纪录高位下跌近15%。
“They did jump the gun,” said Michael O’Rourke, chief market strategist at JonesTrading Institutional Services LLC. “You have these earnings forecasts for next year that make these stocks look like they have low PEs. But if you are having this policy change, that’s a structural shift in what the environment is going to be for the data center build out. The forecasts are no longer valid.”Below are five charts that show the scope of the stock-market’s upheaval Thursday: The Nasdaq 100 fell further into a correction, erasing $2.3 trillion in market value and leaving it down nearly 15% from its Oct. 6 record.
自7月下旬以来首次，交易员为对冲未来三个月Invesco QQQ Trust Series 1交易所交易基金（QQQ）短期波动所支付的保护成本，高于对冲SPDR S&P 500 ETF Trust（SPY）长期波动的成本——这表明市场对股市走向感到困惑。
For the first time since late July, traders are paying more for protection against short-term gyrations in the Invesco QQQ Trust Series 1 Exchange Traded Fund (QQQ) than for long-term swings relative to the SPDR S&P 500 ETF Trust, or SPY over the next three months — a sign of confusion about where stocks are headed.
“作为一个喜欢抄底的人，我现在变得更加审慎了，”Empower首席投资策略师Marta Norton表示。她说，她只会坚持持有“极其健康且在许多传统估值指标上看起来都很便宜的公司”。这种急剧反转重创了一只采用动量交易策略、追逐市场赢家股票涨幅的交易所交易基金。在周四这种策略失效的日子里，这会变得很痛苦，导致iShares MSCI USA Momentum Factor ETF下跌8.2%，创下自2020年以来最糟糕的单日表现。
“As someone who loves selloffs, I’m being a little bit more circumspect,” said Marta Norton, chief investment strategist at Empower. She said she’s sticking only to “companies that are incredibly healthy and look cheap on a lot of traditional metrics.”The rapid reversal pummeled an exchange-traded fund that employs a momentum-trading strategy of chasing gains in the market’s winning stocks. That can become painful on days like Thursday, when the tactic backfired, sending the iShares MSCI USA Momentum Factor ETF down 8.2%, its worst day since 2020.
Founder ETFs合伙人兼投资组合经理Michael Monaghan表示，许多较小的对冲基金，即“分仓交易店”，通常遵循类似策略，它们被迫平仓加剧了抛售压力，而其他买家则不敢贸然介入。
Michael Monaghan, partner and portfolio manager at Founder ETFs, said many smaller hedge funds, or “pod shops,” which often follow similar strategies, are exaggerating the selling pressure by being forced to unwind positions and other buyers are wary of stepping in.
他说：“我们现在看到的是买方罢工——那些原本会少量买入的大型长线基金不再这么做，而分仓交易店则在清仓所有头寸。”
“What we’ve got is a combination of a buyer’s strike where the big long-only funds that nibbled on stuff aren’t doing that and the pod shops are blowing out every position,” he said.
费城半导体指数（SOX）下跌12%，创下自2020年3月以来最糟糕的单日表现，该指数成分股包括英伟达、英特尔和超威半导体等芯片龙头企业。这使得该基准指数进入熊市，较6月22日高点下跌逾38%。
The Philadelphia Semiconductor Index (SOX), home to chip bellwethers like Nvidia Corp., Intel Corp. and Advanced Micro Devices Inc., tumbled 12% for its worst day since March 2020. That leaves the benchmark in a bear market, down more than 38% from its June 22 peak.
这些受益于AI设备支出的公司，鉴于其估值高企，最容易遭遇潜在回调。
The companies, which have been benefitting from the spending on AI equipment, are among the most exposed to a potential pullback, given how high their valuations.
芝加哥期权交易所波动率指数（VIX）——衡量标普500指数隐含价格波动的指标，俗称VIX——飙升11.57点，收于28.18，为3月以来最高。衡量VIX预期波动的指标录得自2018年以来最大单日点数涨幅，当时投机资金涌入做空VIX产品引发了被称为“波动大灾难”的波动率飙升。此外，现货价格与三个月期货价格之间的差距扩大至2025年4月以来最大。这通常是投资者恐慌情绪升温的信号，并预示着可能出现更深度的下跌。
The Cboe Volatility Index, or VIX, a gauge of implied price swings in the S&P 500 known as the VIX, surged 11.57 points to close at 28.18, the highest since March. A gauge of expected volatility in the VIX posted the biggest one-day point advance since 2018, when the flood of speculative investment into short VIX products sparked a spike in volatility known as “Volmageddon.”Moreover, the gap between the spot price and the level of three-month futures widened to its biggest since April 2025. That’s typically a signal of heightened investor fears and a harbinger of deeper declines.
此次下跌加大了市场上被视为风险最高股票的压力。高盛集团旗下一篮子被做空最多的公司股价暴跌近8%。与此同时，一篮子未盈利科技公司股价（包括Roku公司和Peloton Interactive公司等）下跌7.7%，创下6月初以来最差单日表现。
The downturn amplified the pressure on what are seen as some of the market’s riskiest stocks. A Goldman Sachs Group Inc. basket of most shorted companies sank nearly 8%. Meantime, a basket of unprofitable tech companies, which includes firms like Roku Inc. and Peloton Interactive Inc., dropped 7.7% — its worst day since early June.
根据高盛和彭博汇编的数据，资产负债表最脆弱、债务负担较重的公司股价下跌约4%，录得2025年4月以来最差交易日表现。
Companies with the most fragile balance sheets and higher debt loads tumbled about 4%, their worst session since April 2025, according to data compiled by Goldman Sachs and Bloomberg.
罗素2000指数——包含往往承担较高利息成本的小型公司——下跌约4.5%，进入回调区间。
The Russell 2000 Index, which includes smaller companies that are often burdened by higher interest costs, dropped about 4.5%, pushing it into a correction.
The Wealth Alliance总裁兼董事总经理Eric Diton表示，该机构此前已在削减对AI股票的敞口，而对数据中心的抵制情绪可能影响盈利。他表示，鉴于市场情绪急剧转变，他采取谨慎立场，并一直在买入能源股作为对冲高油价的手段。
Eric Diton, president and managing director at The Wealth Alliance, which was already trimming its exposure to AI shares, said the pushback against data centers could have an impact on earnings. He said he’s taking a cautious stance, given the sharp shift in sentiment, and has been snapping up energy shares as a hedge against elevated oil prices.
“此次抛售极端，”他说。但他补充道，他“现在无法像几天前那样看涨了。”
“This selloff is extreme,” he said. But, he added, he “can’t be as bullish as a few days ago.”