投资者在不到一周前经历历史性抛售后重返AI股票 投资者就是无法放弃AI。
Investors run back to AI stocks, less than a week after a historic selloff Investors just can’t quit AI.
周三，华尔街与人工智能基建建设时断时续的“恋情”重新燃起，此前AI交易中最具投机色彩的参与者之一——数据中心公司CoreWeave发布了强劲业绩，似乎提醒了投资者该技术巨大的潜力。
Wall Street’s on-again, off-again romance with the artificial-intelligence build-out flickered back to life on Wednesday after robust results from one of the AI trade’s most-speculative players appeared to remind investors of the technology’s massive potential.
CoreWeave强劲的季度业绩和乐观前景，足以改写（至少目前）上周占主导的叙事：即中期选举结果将重置市场对基建建设步伐的预期。
The strong quarter and a promising outlook from CoreWeave, the data-center company, was enough to rewrite (for now) last week’s dominant narrative: that the result of the midterm elections would reset expectations for the pace of the build-out.
周三增加乐观情绪的还有：私营AI开发商OpenAI周二告诉投资者，其季度收入升至100亿美元。全球最大晶圆代工厂台积电批准了向Anthropic和OpenAI投资最多10亿美元的计划。许多人预计，Anthropic即将进行的首次公开募股（IPO）将引发投资者的巨大热情，该公司寻求的估值约为1.33万亿美元。
Adding to the optimism Wednesday: OpenAI, a privately held AI developer, told investors Tuesday that quarterly revenue rose to $10 billion. TSMC, the world’s largest contract chip maker, approved plans to invest up to $1 billion in Anthropic and OpenAI. And many anticipate that Anthropic’s upcoming initial public offering, in which it will seek a valuation of around $1.33 trillion, will draw massive investor enthusiasm.
“这与市场上周看到的图景截然不同，”RBC Rochdale首席投资官Charles Luke表示。
“That’s a really different picture than the one that markets were looking at last week,” said Charles Luke, chief investment officer of RBC Rochdale.
CoreWeave股价飙升25%，并引发芯片制造商股票的普涨。美光科技上涨12%，英特尔跳涨7.5%，超威半导体攀升7.3%，博通上涨4%。
Shares of CoreWeave jumped 25%, and sparked a widespread boom in chip maker stocks. Micron Technology gained 12%, Intel jumped 7.5%, Advanced Micro Devices climbed 7.3% and Broadcom added 4%.
周三的反弹力度之大，甚至带动了英伟达。近日有消息称，该芯片制造商董事会正在调查CEO黄仁勋是否因与一名涉嫌从事间谍活动的中国女子的婚外情而成为外国间谍活动的目标，其股价因此承压。周三该股上涨2.9%。
Wednesday’s rally was so strong, it even swept up Nvidia. The chip maker’s shares have been under siege in recent days on news that its board was investigating whether CEO Jensen Huang was the target of foreign espionage through his affair with a suspected Chinese spy. The stock rose 2.9%.
纳斯达克综合指数跳涨1.6%。标普500指数上涨1.3%，其中信息技术板块表现优异，上涨2.7%。道琼斯工业平均指数上涨0.5%，即255点。
The Nasdaq composite jumped 1.6%. The S&P 500 climbed 1.3%, with its information technology sector outperforming with a 2.7% gain. The Dow Jones Industrial Average added 0.5%, or 255 points.
指数的涨幅标志着从上周四历史性暴跌中恢复过来，那次暴跌曾使纳斯达克市值蒸发2.5万亿美元。到周三收盘，这只科技股占比较重的指数距离完全收复这些失地仅差1%。
The indexes’ gains punctuated a recovery from last Thursday’s historic rout, which had wiped out $2.5 trillion from the Nasdaq. By Wednesday’s close, the tech-heavy index was within 1% of erasing those losses completely.
此次抛售的一个积极因素是：它有助于降低股票过高的估值。据FactSet数据，标普500指数成分股近期按未来12个月预期盈利计算的市盈率为18.27倍，低于其10年平均值19.56倍。
One silver lining from the selloff: It has helped bring down sky-high valuations for stocks. Companies in the S&P 500 recently traded at 18.27 times projected earnings over the next 12 months, below their 10-year average of 19.56 times, according to FactSet.
据道琼斯市场数据，过去10个交易日纳斯达克指数平均波动幅度为1.93个百分点（涨跌均计），这是自2025年4月以来最高的滚动10日平均波动率，当时市场因特朗普总统发动的全球贸易战而剧烈震荡。许多人预计股价的反复拉锯将持续。
The Nasdaq has averaged a move of 1.93 percentage points, higher or lower, over the last 10 trading sessions, according to Dow Jones Market Data. That is the highest rolling 10-day average since April 2025, when markets were whipsawed by President Trump’s global trade war. Many expect that the back-and-forth in stock prices will continue.
其中一个因素：一些分析师表示，他们预期投资者将提高门槛，要求公司展示其在AI建设上投入的数十亿美元如何为股东带来实实在在的回报。
One factor: Some analysts say they expect investors to raise the bar for companies to show how the billions of dollars they are spending on the AI build-out are resulting in tangible returns for shareholders.
爱德华·琼斯投资策略分析师布罗克·韦默说：“你将开始看到关键的赢家和输家浮现。我不知道每一项AI投资都会以同样的方式获得回报。”投资者还面临其他可能构成挑战的因素。受美联储将在12月加息预期升温推动，美元升至19年高位，部分押注认为央行可能加息0.5个百分点。美国债券市场周三因退伍军人节休市。
“You’ll start to see key winners and losers emerge,” said Brock Weimer, investment strategy analyst at Edward Jones. “I don’t know that every AI investment is going to be rewarded in the same manner.”Investors are also contending with other forces that could prove challenging. The dollar hit its highest level in 19 years on rising expectations that the Federal Reserve will raise interest rates in December, with some betting that the central bank could hike rates by 0.5 percentage point. U.S. bond markets were closed Wednesday for Veterans Day.
油价反弹，该地区持续的冲突降低了人们对通过外交手段解决美伊冲突的乐观情绪。国际基准布伦特原油期货上涨1.4%，报每桶92.76美元。
Oil prices rebounded, with continued skirmishes in the region cooling optimism about a diplomatic resolution to the U.S.-Iran conflict. Brent crude futures, the international benchmark, rose 1.4% to $92.76 a barrel.
与以往麻烦出现时一样，由AI龙头股引领的优异业绩预计将延续股市的狂欢。
As with previous bouts of troubles, stellar earnings—led by AI heavyweights—are expected to keep the party going in the stock market.
“我感觉并没有人放弃 AI 交易，”Globalt Investments 高级投资组合经理托马斯·马丁说。
“I don’t sense that people have given up on the AI trade,” said Thomas Martin, senior portfolio manager at Globalt Investments.