每天都有重磅AI大交易，高盛交易員：市場已經明顯「疲了」

華爾街見聞

2025/10/29

高盛TMT交易員Peter Bartlett警告稱，與股價表現形成對比的是，市場對這一交易的懷疑正在累積，其中"循環投資"問題成為最大質疑點，且標普500指數雖創新高，但398只成分股下跌創紀錄，市場漲幅高度集中於少數AI巨頭，內部分化嚴重。儘管英偉達單日市值飆升2450億美元創紀錄，但市場對AI交易熱潮的疲態正在顯現。高盛科技、媒體與通信(TMT)交易員Peter Bartlett警告稱，面對...

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Bartlett警告稱，與股價表現形成對比的是，市場對這一交易的懷疑正在累積，其中\"循環投資\"問題成為最大質疑點，且標普500指數雖創新高，但398只成分股下跌創紀錄，市場漲幅高度集中於少數AI巨頭，內部分化嚴重。儘管英偉達單日市值飆升2450億美元創紀錄，但市場對AI交易熱潮的疲態正在顯現。高盛科技、媒體與通信(TMT)交易員Peter Bartlett警告稱，面對...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3758156\">網頁鏈接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>每天都有重磅AI大交易，高盛交易員：市場已經明顯「疲了」</title>\n<style 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Bartlett警告稱，與股價表現形成對比的是，市場對這一交易的懷疑正在累積，其中\"循環投資\"問題成為最大質疑點，且標普500指數雖創新高，但398只成分股下跌創紀錄，市場漲幅高度集中於少數AI巨頭，內部分化嚴重。儘管英偉達單日市值飆升2450億美元創紀錄，但市場對AI交易熱潮的疲態正在顯現。高盛科技、媒體與通信(TMT)交易員Peter Bartlett警告稱，面對...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3758156\">網頁鏈接</a>\n\n</div>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1804176565.USD","symbol_name":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) 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\"tired\"","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GS":1.5},"content_text":"高盛TMT交易員Peter Bartlett警告稱，與股價表現形成對比的是，市場對這一交易的懷疑正在累積，其中\"循環投資\"問題成為最大質疑點，且標普500指數雖創新高，但398只成分股下跌創紀錄，市場漲幅高度集中於少數AI巨頭，內部分化嚴重。儘管英偉達單日市值飆升2450億美元創紀錄，但市場對AI交易熱潮的疲態正在顯現。高盛科技、媒體與通信(TMT)交易員Peter Bartlett警告稱，面對似乎永無止境的AI領域新交易、合作和投資，市場參與者已經感受到明顯的疲勞感。僅10月28日一天，英偉達就宣佈了超過15項重大合作，涵蓋從諾基亞10億美元股權投資到與微軟、OpenAI、禮來、Uber等企業的戰略合作。這些消息推動英偉達、微軟股價大漲，分別新增市值2450億美元和800億美元，納斯達克100指數、費城半導體指數均創歷史新高。但高盛交易員Bartlett指出，與股價表現形成對比的是，市場對這一交易的懷疑正在累積，其中\"循環投資\"問題成為最大質疑點。儘管英偉達CEO黃仁勳當天在GTC大會的主題演講中否認AI泡沫擔憂，稱其擁有5000億美元的營收可見性，但這並未完全打消市場疑慮。值得注意的是，標普500指數當天以歷史新高收盤，但指數內部有398只個股下跌，創下該指數收於歷史高位時下跌個股數量的紀錄。等權重標普500指數與市值加權指數之間的背離達到歷史性水平，凸顯市場漲幅集中於少數AI相關巨頭的現狀。單日AI交易\"狂歡\"：英偉達主導的合作潮10月28日堪稱AI領域的\"交易日\"。據Bartlett統計，當天宣佈的重大交易中，部分在預期之內，但大量交易出乎市場意料。一天之始，微軟與OpenAI公布新合作協議細節，英偉達宣佈對諾基亞進行10億美元股權投資。諾基亞股價暴漲23%，市值增加100億美元。此後，英偉達的合作公告接踵而至。PayPal與OpenAI達成合作，在ChatGPT中擴展支付和商務功能，股價上漲4%，市值增加30億美元。網絡安全公司CrowdStrike與英偉達合作開發AI代理，股價上漲3%，市值增加50億美元。甲骨文與英偉達合作為美國能源部構建AI超級計算機，股價持平。其他宣佈與英偉達合作的公司包括：Uber(擴展移動網絡)、禮來(構建AI超級計算機)、Super Micro(擴展政府解決方案合作)、Lucid(交付L4級自動駕駛電動汽車)、Palantir(運營化AI決策)、HPE(AI工廠創新)、Zoom(聯邦AI架構)、ServiceNow(擴展智能工作流)、Flex(部署超大規模AI工廠)、Check Point(AI工廠安全解決方案)、Pure Storage與思科(企業AI工廠)等。此外，Booz Allen、思科、MITRE、ODC和T-Mobile也宣佈與英偉達展開合作。Adobe當天宣佈與谷歌雲擴展戰略合作，CoreWeave表示有意進入美國聯邦市場向政府機構提供AI雲服務。股價大漲難掩市場質疑這些公告對股價產生了顯著推動作用。英偉達股價上漲5%，單日市值增加2450億美元；微軟上漲2%，市值增加800億美元。高盛交易員Bartlett稱，這一現象尤為突出，因為當前市場基本忽略了穩健的財報表現，卻仍對AI相關消息作出積極反應。但Bartlett警告稱，儘管這些股票表現強勁——英偉達、費城半導體指數、納斯達克100指數均創歷史新高，但從他的觀察來看，市場對這一交易的懷疑似乎正在累積，\"循環投資\"成為質疑的最大驅動因素。所謂\"循環投資\"，指的是AI生態系統內部企業之間相互投資、相互採購的現象，這種模式引發市場對營收可持續性和實際需求真實性的擔憂。黃仁勳在當天的演講中駁斥了AI泡沫論。據華爾街見聞文章寫道，黃仁勳強調英偉達通過2026財年Blackwell和Rubin產品線累計擁有5000億美元的營收可見性。但這一表態未能完全消除市場疑慮。Bartlett直言，英偉達和OpenAI正將自己與其他AI參與者區隔開來，主導了大部分交易活動，但這種密集的交易節奏正讓市場參與者感到疲憊。高盛交易員指出，市場內部分化加劇印證了這一觀察。標普500指數收於歷史新高，但398只成分股下跌，創下該指數收於歷史高位時下跌個股數量的紀錄。等權重標普500指數與市值加權指數之間出現歷史性背離，顯示市場漲幅高度集中於少數AI巨頭。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}