伦敦11月9日讯 — 随着市场对人工智能交易的信心动摇，科技股遭遇抛售，这可能会考验从纽约到台北的全球金融市场的韧性。
LONDON, Nov 9 - A rout in technology stocks as confidence in the AI trade falters could test the resilience of global financial markets from New York to Taipei.
以科技股为主的纳斯达克100指数周五上涨略超1%，但全周仍累计下跌5%，交易员们依然高度紧张。
The tech-heavy Nasdaq 100 rose just over 1% on Friday but still ended the week down 5% and traders remain on edge.
政策制定者长期以来一直警告人工智能热潮破裂的风险。投资者和监管机构正在密切关注市场压力指标，其中一些指标已闪烁黄灯，尽管尚未亮起红灯。以下是各项关键指标的表现：恐慌情绪上升 华尔街的恐慌指标——美国股市波动率指数VIX周四升至28以上，创下3月下旬以来的最高水平。该指数周五收盘时略高于25。
Policymakers have long warned of the risks from an AI boom unraveling. Investors and regulators are keeping a close watch on market stress indicators, with some flashing amber, although not yet red. Here’s a look at how key measures are faring: FEAR IS UP Wall Street’s fear gauge, the VIX index of US stock market volatility, rose to over 28 on Thursday, its highest since late March. It closed at just over 25 on Friday.
与2025年4月“解放日”之后市场的大幅波动以及2024年8月的市场抛售相比，此次涨幅相对克制。尽管如此，VIX指数上周仍飙升了30%以上。欧洲的同类指数周五触及5月以来的最高水平。
The increase is relatively contained compared to the post-April 2025 "Liberation Day" market jump and the August 2024 market selloff. Still, the VIX surged over 30% last week. The European equivalent hit its highest level since May on Friday. "It’s still early days," said Idanna Appio, a portfolio manager at First Eagle Investments.
进入市场真实问题的能力。这些将是我……会关注的事情。”对科技震荡的防范 人工智能领域潜在麻烦的最大预兆，或许是对债务违约保险保护需求的激增。
"My concern would be if we see more spikes in volatility, more stress, real issues with the ability to access markets. Those will be the things that...I’ll be watching." PROTECTION FROM TECH TREMORS Perhaps the biggest harbinger of potential trouble in the AI space is a surge in insurance protection against a debt default.
新兴云服务公司CoreWeave发行的债务保险成本已飙升至陷入困境的水平，其五年期信用违约互换（CDS）利差飙升突破1000个基点，创下历史新高。它已成为衡量投资者对人工智能焦虑情绪的晴雨表。SpaceX和英特尔的信用违约互换利差上周也有所跃升。
The cost of insuring debt issued by neocloud firm CoreWeave has spiked into distressed territory, with five-year credit default swap (CDS) spreads surging past 1,000 basis points to record highs. It has become a barometer of investor anxiety over AI. Spreads on credit default swaps for SpaceX and Intel also jumped last week.
随着交易员对风险较高资产的热情降温，投资者要求持有美国高收益企业信贷（即垃圾债券）所支付的溢价已升至“解放日”动荡以来的最高水平。
The premium investors demand to hold US high yield corporate credit, known as junk bonds, has risen to its highest since the Liberation Day ructions as traders cool on riskier assets.
根据洲际交易所美银（ICE BofA）指数，在市场风险最高的板块中，评级为CCC或更低的公司的溢价正处于2020年以来的最高水平附近。
In the riskiest parts of the market, for companies rated CCC or lower, that premium is trading at around its highest since 2020, according to ICE BofA indices.
投资者寻求安全 资金涌入避险资产是市场焦虑加剧的明显信号，尽管每日的变动幅度也相对温和。
INVESTORS SEEK SAFETY A flight to safe havens is a clear sign of increased market angst, although daily moves are also relatively modest.
由于对高债务、不断上升的通胀以及随着科技公司加大债券发行力度而引发的资本竞争的担忧，美国10年期国债收益率已从上月触及的逾5%的峰值下跌了50个基点。
US 10-year Treasury yields have fallen 50 bps from peaks above 5% hit last month on concerns about high debt, rising inflation and competition for capital as tech firms ramped up bond sales.
外汇市场相对平静，但也出现了一些投资者寻求美元的迹象。美元周五上涨近0.8%，创下6月以来最大单日涨幅。
Currency markets were relatively muted, but there were some signs of investors seeking the US dollar, which on Friday rose almost 0.8% in its biggest one-day jump since June.
三个月期欧元交叉货币基差互换（即把外币兑换成美元的相对溢价）周四触及-8个基点的低点，为2023年后期以来最低，这表明对美元资金的需求有所增加。截至周一，该基差已回升至-3.5个基点左右。
Three-month euro cross-currency basis swaps, or the relative premium for swapping foreign currencies into dollars, briefly touched -8 bps on Thursday, the lowest since late 2023, signaling increased demand for dollar funding. It had recovered to around -3.5 bps by Monday.
美国银行（BofA）的《资金流向》报告周五称，在截至周三的一周内，现金基金吸引了1400亿美元的资金流入，创下有记录以来的第七大单周流入量。
BofA’s Flow Show report on Friday said cash funds saw a $140 billion inflow in the week to Wednesday, the seventh biggest on record.
债券表现平稳 到目前为止，债券市场没有表现出在新冠疫情期间或“解放日”关税前后所承受的那类压力。
BONDS BEHAVE Bond markets are so far showing no signs of the sort of stress they came under during the COVID-19 pandemic or around the Liberation Day tariffs.
追踪美国国债市场波动性的备受关注的MOVE指数在10月份触及六个月高点，但此后有所回落。
The closely watched MOVE index, which tracks volatility in the US Treasury market, hit a six-month high in October but has since slipped back.
美国掉期利差等其他债券市场指标（可能预示着资金和流动性压力）也保持平静。
Other bond-market measures such as US swap spreads, which can indicate funding and liquidity stress, have also remained calm.