Investing.com——Capital Economics 在周一的一份报告中警告称，人工智能股票的抛售可能会加深，因为分析师对科技公司盈利的预测尚未反映投资者日益增长的担忧。该研究公司写道：“股市中的人工智能修正可能还有很大空间。”
Investing.com -- Capital Economics warned in a note on Monday that the sell-off in AI stocks could deepen, as analysts’ earnings forecasts for tech companies have yet to reflect investors’ growing worries. “The AI correction in equities could have much further to run,” the research firm wrote.
Capital Economics 指出，尽管受益于人工智能支出的公司的股价已下跌，但其利润预期在最近几周仍在持续飙升。
Capital Economics noted that profit expectations for companies benefiting from AI spending have continued to soar in recent weeks, even as their share prices have fallen.
报告称，这可能部分是因为大型云计算公司（即超大规模企业）仅仅是加大了支出计划。
It said this may be partly because hyperscalers, the large cloud computing companies, have only doubled down on their spending plans.
然而，该公司认为，分析师的估计对消息的反应可能较慢。它怀疑，如果情绪继续恶化，这些预测仍有相当大的下行空间。任何超大规模企业缩减资本支出的具体迹象都将是进一步的风险，因为此类支出支撑了此前科技股的涨幅。
However, the firm believes analyst estimates can be slow to react to news. It suspects there is still plenty of downside to those forecasts if sentiment keeps worsening. Any concrete sign that hyperscalers are scaling back capital spending would be a further risk, given that such spending underpinned the earlier gains in tech stocks.
相比之下，欧洲股市经受住了风暴，上周 MSCI 欧洲指数略有上升。
European equities, by contrast, have weathered the storm well, with the MSCI Europe Index rising slightly last week.
Capital Economics 承认，更大幅度的抛售最终可能会像过去的市场暴跌一样拖累欧洲。但它表示，人工智能热潮的科技密集和集中特性可能使此次情况有所不同。该公司称：“如果泡沫进一步破裂，我们预计欧洲将继续跑赢。”
Capital Economics acknowledged that a larger sell-off could eventually weigh on Europe, as in past market plunges. However, it said the tech-heavy and concentrated nature of the AI boom might make this time different. “We expect Europe to continue to outperform if the bubble deflates further,” the firm said.
它还预计，随着股市进一步下跌，投资者对避险资产的需求将推动国债上涨，因而国债行情将继续。Capital Economics 进一步指出，任何资本支出计划的削减都将导致投资者提前计入美联储降息。该公司补充说：“我们预计收益率将进一步下降”。
It also expects the rally in Treasuries to continue, as further equity declines could drive demand for safe-haven assets. Furthermore, Capital Economics noted that any cuts to capex plans would lead investors to price in Fed rate cuts further ahead. “We expect yields to fall a bit further,” the firm added.
策略师解释为何AI股票最坏的情况可能尚未到来 风险披露：金融工具和/或加密货币交易涉及高风险，包括损失部分或全部投资金额的风险，可能不适合所有投资者。加密货币价格极其波动，可能受金融、监管或政治事件等外部因素影响。保证金交易会增加财务风险。
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