周四，散户投资者大举买入英伟达（NVDA.O）股票，抄底行为显著，显示出尽管首席执行官黄仁勋离职，人工智能（AI）交易依然非常活跃。
Retail bought the Nvidia (NVDA.O) dip on Thursday in a big way, showing the AI trade is very much alive despite CEO Jensen Huang’s departure.
周四下午，英伟达股价下跌5%，此前黄仁勋辞职。此前一天有报道称，这家美国市值第二大上市公司的创始人与一名向他汇报工作的公司高管有染。
Nvidia was off 5% on Thursday afternoon following Huang’s resignation, which followed a report on Wednesday that the founder of the second most-valuable US-listed firm had an affair with a company executive who reported to him.
周四的跌幅使英伟达本周市值缩水达5500亿美元，抛售最初源于关于黄仁勋与一名被指为北京间谍的女性关系的质疑。但自2009年金融危机结束以来，逢低买入一直受到投资者青睐，周四也不例外。
Thursday’s drop put Nvidia’s market-value decline for the week at $550 billion, with selling driven initially by questions about Huang’s relationship with a woman alleged to be a spy for Beijing. But buying the dip has been favored by investors ever since the end of the financial crisis in 2009, and Thursday was no different.
“每次奏效，这种行为就得到进一步强化，”总部位于宾夕法尼亚州唐宁敦的全国金融公司首席市场策略师马克·哈克特说。“这是健康市场中会出现的那种特异性行为。”此前英伟达周四开盘一度暴跌14%，延续了过去一个月的抛售潮。万达研究称，周四开盘前半小时散户资金流入英伟达规模估计达1.11亿美元，创历史新高。
“Every time it works, it gets further reinforced,” said Mark Hackett, chief market strategist at Nationwide Financial in Downingtown, Pennsylvania. “It’s the kind of idiosyncratic behavior that you get in a healthy market.”The rebound came after Nvidia tumbled as much as 14% at Thursday’s open, extending a torrent of selling over the past month. Vanda Research called Thursday's open the biggest-ever first-half-hour retail flow into Nvidia, estimated at $111 million.
“我一个小时前跟办公室同事说，这感觉像是几周来市场最平静的一天，考虑到上一交易日收盘以来的消息，这简直疯了，”总部位于密苏里州圣路易斯的阿金特资本管理公司投资组合经理杰德·埃尔勒布鲁克说。“我认为英伟达股票在过去几周已经遭受了重创。”自纳斯达克综合指数（.IXIC）触及最近高点以来的五周内，英伟达股价已下跌近三分之一，市值蒸发超过1万亿美元。
"I said to somebody an hour ago in the office, this feels like the calmest day in markets in a few weeks, which is insane given the news since the last close,” said Jed Ellerbroek, portfolio manager at Argent Capital Management in St. Louis, Missouri. “I think that a lot of damage has been done to Nvidia stock over the last couple of weeks.”Nvidia stock has lost nearly a third of its value in the five weeks since the Nasdaq Composite (.IXIC) hit its most recent high, shedding more than $1 trillion in market value.
周四，散户买家涌向热门投资平台。在富达投资，截至美东时间中午，客户已下达394,818笔英伟达买单，而卖单仅为80,088笔。
On Thursday, retail buyers flocked to popular investment platforms. At Fidelity Investments, customers had placed 394,818 buy orders for Nvidia by noon ET, compared with 80,088 sell orders.
Nvidia的买单数量在周四超过该平台上其他九只交易最活跃股票买单总和的两倍，其中亚军Advanced Micro Devices（AMD.O）的买单为24,790笔，第三名Nebius（NBIS.O）为24,519笔。
Buy orders for Nvidia more than doubled the combined buy orders on Thursday for the nine other most-traded stocks on the platform, with runner-up Advanced Micro Devices (AMD.O) showing 24,790 buy orders and third-placed Nebius (NBIS.O) amassing 24,519.
市场情绪远非一致。在Reddit热门交易论坛wallstreetbets上，关于Nvidia的评论有60%为负面。本周华尔街接连下调评级也未能提振信心，Baird Equity Research的分析师周三将该股评级下调至中性，并将目标价砍60%至每股200美元，仍远高于周四下午164美元的股价。
Sentiment was hardly unanimous. On Reddit's popular wallstreetbets trading forum, 60% of comments about Nvidia were negative. A wave of Wall Street downgrades this week hasn’t helped, with analysts at Baird Equity Research on Wednesday cutting the stock to neutral and slashing their price target by 60% to $200 a share, which is still far above Thursday’s afternoon price of $164.
高级研究分析师Tristan Gerra写道：“由于近期能见度极低，2027年数据中心预测被推迟，供应问题主要是潜在放缓的原因，但也可能是由于潜在需求走软。AI超大规模厂商的资本支出在2027年可能放缓至40%增长或略低于此水平。”
“2027 data center forecasts are being delayed due to very recent lack of visibility, with supply issues mostly the reason for a potential slowdown but also due to potential demand softening. AI hyperscaler capex could slow to 40% growth or slightly less for 2027,” senior research analyst Tristan Gerra wrote.
展望未来，投资者表示，市场关注的关键问题包括Nvidia高管在下周二季度财报电话会上将说什么，以及Anthropic（ANT.O）的IPO，预计将于下周晚些时候上市。
Looking ahead, investors said the key issues for the market include what Nvidia executives say on next Tuesday’s quarterly earnings conference call and Anthropic’s (ANT.O) IPO, which is expected to come to market later next week.
Hackett表示：“AI的前景将会很好。”他认为，Anthropic的IPO很可能是下周更重要的事件，因为Nvidia的新管理层刚刚上任，“他们很难仅凭一场电话会议就获得‘免死金牌’。”
“The outlook for AI is going to be just fine,” said Hackett. He said he believes the Anthropic IPO is likely the more important event next week because, with Nvidia’s new management just having started, “It’s going to be hard for them to get a get out of jail free card out of one conference call.”